MUMBAI, May 13: Dresdner Kleinwort Benson, a part of the Dresdner Bank group, has acquired a 75 per cent stake in the Mumbai-based Ind Global Shares & Securities Ltd (IGSSL), promoted by Ind Global Financial Trust Ltd.

The agreement was signed on May 10. With the change in ownership, Christopher Barrow has taken over as managing director of the firm, which has been rechristened Dresdner Kleinwort Benson Securities (India) Ltd.

The deal has been struck at an appropriate time as most of the stockbroking firms, including Ind Global Shares, have been passing going through difficult times following the erratic behaviour of the markets.

In the new scheme of things, R Sankaran, who founded Ind Global Shares, will continue as non-executive chairman. However, his merchant banking firm, Ind Global Financial Trust, will hold a 25 per cent stake in Ind Global Shares and all employees will continue to hold their jobs.

For Kleinwort Benson, the takeover acquisition route provides an ideal solution as Ind Global Shares has its infrastructure in place. The firm is a member of the Mumbai, National, Vadodara and the Over the Counter exchanges with offices in Mumbai, Chennai and Vadodara.

Kleinwort Benson has been operating in the country since 1995 through its representative office. The firm was one of the global coordinators for the GDR issue of Videsh Sanchar Nigam Ltd, which successfully sailed through recently. The activities of the firm have principally been privatisation, advisory work, the raising of equity and equity-linked capital for Indian corporates, offshore research among others.

It may be noted that Kleinwort, which now holds a 20 per cent stake in Tata Asset Management Company, was keen on increasing its stake in the Tata firm. The move seemed possible as Derek Condon was the managing director of the then Tata Asset Management Pvt Ltd. But Tatas changed their mind.

Consequently, Condon went back to UK and KN Atmaramani of Unit Trust of India replaced him.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.