The board of Geojit Financial Services has at its meeting held today approved the forming of a 50:50 joint venture (JV) with BNP Paribas Securities Asia to serve foreign institutional clients in India. According to an official release issued by the company to the BSE today, the board approved an investment of up to $2 million in the project. It has also cleared an investment of Saudi Rial (SR) 28 million (approx. Rs 30.05 crore) in Aloula Geojit Brokerage Company, Saudi Arabia for taking 28% of the proposed paid up share capital of SR 100 million. Geojit will be the single largest shareholder in Aloula Geojit Brokerage, which has got the Saudi Capital Market Authority (CMA) licence to start domestic brokerage business, the release said. The proposal to form a JV in Dubai to deal in UAE listed shares in the Dubai financial market, IPOs and distribution of home grown funds in UAE and to make an initial investment of UAE Dirham (AED) 14.70 million (approx. Rs 161 million) for taking up 49% of the proposed paid up share capital of AED 30 million, also got the board's approval today, the release added. |