Rating agency ICRA has picked up a 33 per cent stake in Online IndiaCapital.com, a Mumbai-based promoter of MutualFundsIndia.com, even as it is planning a special purpose vehicle for setting up a business process outsourcing unit.
"We have picked up promoters stake in an expanded capital for about Rs 50 lakh (Rs 5 million) and have an option for taking another 18 per cent stake in two years," ICRA managing director P K Choudhury told reporters on Thursday.
The promoter group comprising Sanjay Gupta, Aditya Agarwal and Anurag Garg presently hold 67 per cent stake and SIDBI Trustee Company Ltd the balance 33 per cent in the entity. With ICRA taking the stake, the promoter group now holds 34 per cent.
Through the equity acquisition, the agency is seeking to widen its role in the Indian mutual funds industry, which it already serves like grading of MFs and the Moody's/ICRA management style indices, he added.
"The acquisition is an expression of our interest in the MF sector and seeks to establish synergy between ICRA's analytical expertise and IndiaCapital capabilities in the online domain," Choudhury said.
ICRA would have two nominees on board of the company.
He said the agency was looking at setting up an SPV for BPO unit following "requests from abroad for such a unit. But because of high costs involved, we are considering the SPV route," he added.
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