Japan's Daiwa Securities set to pick up a minority stake in Ambit

Japan's Daiwa Securities is set to acquire a minority stake in Ambit for an undisclosed sum, the domestic investment bank said on Monday.

Both parties signed an agreement for the stake sale on April 26, as per an official statement.

The Japanese financial services firm has previously worked with Ambit, which led to the deal, the statement said.

Ambit will gain access to Daiwa's network to boost global clients' interest in India's public equities, it said.

"Daiwa's enhanced presence in India with Ambit as its local partner, will allow for clients to access deep domain knowledge, showcase focused India equity research, and therefore build a strong India franchise through the Ambit network," it said.

In the future, both firms will collaborate to service global clients for institutional equities, as also for the equity capital markets, including IPO, public fund-raising, and other related business, leveraging the Indo-Japan corridor.

"Having built a strong and mutually beneficial foundation with Daiwa over the years, I am confident that this continued relationship will be fruitful, not only to our clients, but also to both firms," Ambit's group chief executive Ashok Wadhwa said.

Seiji Nakata, President and CEO of Daiwa, said it sees India as a strategically important country that is expected to grow in the long run.