Crest Ventures to buy 48% stake in Tullett Prebon India

Non-banking financial company Crest Ventures Ltd has agreed to buy the 48% stake it doesn’t already own in Tullett Prebon (India) Ltd from Prebon Holdings BV for Rs 4.52 crore ($670,000) in cash.

Crest Ventures’ stake in Tullett Prebon (India) after the acquisition will increase to 99.99% from 51.99%, it said in a stock-exchange disclosure.

The acquisition is subject to regulatory approvals and is likely to be completed in next two months.

Crest Ventures operates mainly under three verticals real estate, financial services, and investments and credit.

Tullett Prebon (India) was formerly known as Prebon Yamane (India). It is an affiliate of London-based global interdealer broker Tullett Prebon.

Tullett Prebon (India) is an intermediary in the wholesale debt market, foreign exchange market and rupee options. It began operations in 1999.

The company’s turnover stood at Rs 18.32 crore in the year through March 2018.

Crest Ventures’ consolidated income from operations stood at Rs 94.46 crore in 2017-18 as against Rs 46.37 crore in the previous year.