Geojit BNP Paribas in jubilant mood on plan to sell stake in JV company

Geojit BNP Paribas is currently trading at Rs 17.35, up by 1.15 points or 7.10% from its previous closing of Rs 16.20 on the BSE.

The scrip opened at Rs 16.05 and has touched a high and low of Rs 17.80 and Rs 16.05 respectively. So far 29598 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 1 has touched a 52 week high of Rs 34.40 on 04-Jan-2011 and a 52 week low of Rs 15.65 on 24-Nov-2011.

Last one week high and low of the scrip stood at Rs 17.80 and Rs 16.00 respectively. The current market cap of the company is Rs 369.94 crore.

The promoters holding in the company stood at 62.39% while Institutions and Non-Institutions held 2.53% and 35.08% respectively. 

Geojit BNP Paribas Financial Services’ board has agreed to divest its entire stake in a joint venture (JV) company to BNP Paribas SA for Rs 40.50 crore. The company agreed to sell the stake held by unit Geojit Financial Management Services in BNP Paribas Securities India, which is in the institutional broking business. Its initial investment in the joint venture company was Rs 27.50 crore.

BNP Paribas Group will fully own BNP Paribas Securities India and continue to hold 33.5% of Geojit BNP Paribas Financial Services.

Geojit BNP Paribas Financial Services offers wide range of investment options in equity, futures and options, IPOs and mutual funds. The company offers clients daily SMS alerts, market pointers, periodical research reports, stock recommendations and customer meets organized frequently. It also has online services named Classroom for new investors providing basic information about all investment avenues.