Private equity investors Lehman Brothers, Warburg Pincus and Carlyle Group are in negotiations with Indian brokerage Angel Broking over acquiring a 20 per cent stake.
The firms are included on a shortlist of a dozen investors complied by the Mumbai-based brokerage, which is aiming to raise $50 million through the sale.
“The process of finding a suitable investor is on,” says Angel Broking’s chairman, Dinesh Thakkar. “We have shortlisted a dozen private equity investors, and will soon invite bids from them.”
Angel has earmarked the funding to finance a programme of expansion through which its branch network will be increased from 70 to 250. Meanwhile, the bank also intends to use the capital to launch new products such as loan against shares and margin funding, according to an unnamed source cited in the same publication.
The deal is expected to be concluded in September.