UK firm to pick stake in MSFL

A UK-based private equity firm has decided to pick stakes in the leading stock and commodity broking firm Marwadi Shares & Finance Limited (MSFL).

Speaking to Business Standard, Ketan Marwadi, managing director, MSFL, said: "The announcement in this regard will be formally made on Saturday and probably we may organise a video conference on the occasion with our UK-based business partner." Finance minister of Gujarat Vajubhai Vala would be present on the occasion, he added.

The company was previously planning to enter the capital market through the IPO route, but it apparently postponed the plans, and instead allowed private equity participation from a UK-based firm.

Ketan declined to divulge further information on the proposed private equity participation. He even shied away from disclosing the name of the UK-based firm. MSFL insisted that the name would be announced from the investors awareness drive platform to be organised on Saturday.

Hinting at the company's expansion plans, Ketan said: "Apart from the development, we are also making a blue-print for expansion plans of MSFL. Besides, expanding operations in the country, we are also planning to start operations in Dubai to support our expansion plans of commodity business, especially, allowing our customers to have an access to the Dubai Gold & Commodities Exchange (DGCX)."

With the UK-based firm investing in MSFL, the company would be probably the fifth broking house in the country and first from Gujarat and Saurashtra-Kutch region to have private equity participation, said Ketan.

The broking firm is organising an investor awareness programme on Saturday at Hemu Gadhvi Auditorium in Rajkot. Among the eminent speakers to address the programme are R Suderaraman, director, National Stock Exchange (NSE), and Rajesh Jain, chief executive officer, P-SEC Pranav Securities.

MSFL is a decade-old financial services group offering stock-broking and Commodity-broking services through NSE, BSE, Ncdex and MCX.

The company also offers depository services and is spread throughout Saurashtra Kutch peninsula with our 24 branches and manpower strength of over 250 employee.