Mirae Asset Securities will invest $200 million (288.7 billion won) in its Indian local subsidiary (Mirae Asset Capital Market Private Limited).
According to the Korea Exchange on the 24th, Mirae Asset Securities disclosed this information the previous day. Mirae Asset Securities will additionally acquire 1,439,205,955 shares of the local subsidiary. After the acquisition, the equity stake will be 100%.
Mirae Asset Securities said the purpose of this stock acquisition is to focus on "the structural long-term growth of the Indian securities industry and pursue business growth in India through a paid-in capital increase."
Mirae Asset Securities is putting effort into the Indian securities market. In December 2023, Mirae Asset Securities signed a stock purchase agreement (SPA) with the local securities firm Sharekhan through its Indian subsidiary, and received corporate merger approval from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) in November last year.
The newly established Mirae Asset Sharekhan is a top 10 local securities firm with over 3.1 million customers, more than 120 branches, and around 4,400 business partners. Previously, Mirae Asset Securities presented a blueprint to make Mirae Asset Sharekhan the 5th largest securities firm locally within five years based on group-level business synergy.