Karvy Computershare to acquire majority stake in Bahrain co

MUMBAI: Financial services firm Karvy today said one of its group companies will acquire a majority stake in Bahrain Shares Registering Company WLL (BSRC), the Gulf country's biggest securities registry.

Karvy Computershare Private Limited, the 50:50 joint venture between Karvy and Australia's Computershare, have entered into a "definitive agreement" with KPMG Fakhro to acquire a majority stake in its affiliate, Bahrain Shares Registering Company WLL, a release issued here said.

The 35-year-old BSRC is the largest player in the securities registry business in Bahrain, serving 90 per cent of listed companies in Bahrain, and the acquisition is part of Karvy Computershare's Middle East expansion strategy, it said.

"This acquisition would help us create a path-breaking process for servicing investors in the (Middle-East) region," the company's Chief Executive, V Ganesh, said.

Karvy Computershare provides registrar services to mutual funds and corporates across India, servicing 67 million investors across 500 corporate and 29 mutual funds at nearly 500 locations.