IDFC to take 33% stake in SSKI

The board of directors of Infrastructure Development Finance Company (IDFC), which met today, approved a proposal to acquire 33.33% stake in SSKI, a privately-held domestic corporate finance and institutional securities company based in Mumbai.

According to a release issued by IDFC to the BSE today, the company and SSKI propose to work together by pooling their relationships and expertise to provide investment banking and capital markets solutions to clients. "The company would nominate two directors on the board of SSKI. The transaction is expected to be closed in the next two months," the release added.

The board meeting also approved the appointment of Deepak S Parekh as chairman of the company for a further period of three years i.e up to May 13, 2009.