
South Korea’s leading brokerage house Mirae Asset Securities plans to inject around 290 billion won ($202 million) into its Indian subsidiary, aiming to expand its presence in the fast-growing country.
Mirae Asset Securities will purchase 1.44 billion shares of its Indian affiliate Mirae Asset Capital Market (India) Pvt. Ltd., by allocating 288.7 billion won, according to a regulatory filing made by the firm Thursday.
“The money allocated through the capital raise will be used to expand the business of Mirae Asset Sharekhan and the firm’s Indian operations,” an official from Mirae Asset Securities said, highlighting the long-term structural growth of the Indian securities industry.
Mirae Asset Securities has been bolstering its Indian expansion, betting big on its growth.
In November, Mirae Asset Securities announced that it had completed the acquisition of Indian brokerage house Sharekhan Ltd., gaining approval from the local authorities.
The announcement came a year after it signed a share purchase agreement with the French banking giant BNP Paribas SA to acquire then-named Sharekhan Ltd. at the price of $370 million in December 2023.
Founded in 2000, Mirae Asset Sharekhan is currently the 10th-largest securities brokerage in India, boasting over 3.1 million users and a network of 120 branches supported by 4,400 business partners.
Mirae Asset Securities has announced it hopes to make the firm the fifth-largest brokerage house in the country in five years.
By Im Eun-byel (silverstar@heraldcorp.com)