India: BNP Paribas leasing unit to swap 50% JV stake for 5% in Srei Infra

A leasing unit of BNP Paribas SA will pick up a 5% stake in Srei Infrastructure Finance Ltd in lieu of the French lender’s stake in an equal joint venture with the local financier.

BNP Paribas Lease Group will swap its 50% stake in Srei Equipment Finance Ltd, seven years after it first invested in the company, for the 5% stake in parent Srei Infrastructure. The 5% stake is worth around Rs.150 crore at current market value. That is much less than what BNP had initially invested in Srei Equipment.

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