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Karvy to sell 21.82 pc to NRI

Ambarish Mukherjee

NEW DELHI, Oct. 10

ONE of the largest capital market intermediaries in the country, Hyderabad-based Karvy Consultants Ltd, plans to sell 21.82 per cent of the company's stake to US-based NRI investor and promoter of Procon Inc., Mr Prasad V Potluri, for a consideration of Rs 1,84,61,560.

Currently, Karvy Consultants is a 100 per cent Indian company. The company also did not have any technical or trademark collaboration with any foreign entity so far.

The company has applied to the Foreign Investment Promotion Board (FIPB) for permission to bring in foreign equity. The proposal will be taken up by the FIPB on Thursday.

Karvy Consultants functions as registrar to public issues and share transfer agents. The company is also registered with the Reserve Bank of India as a non-banking finance company. It is also registered as a 100 per cent export-oriented unit (EOU) under the software technology park scheme for developing computer software.

The NRI investor will take over 9,23,078 equity shares of Rs 10 each held by 11 resident Indians at cost of Rs 20 per share with non-repatriation benefits.

The company has an authorised equity capital of Rs 9 crore and authorised preferential equity of Rs 21 crore. The company's subscribed equity capital is Rs 4.23 crore which is also the company's paid-up capital.

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