Private equity investors Lehman Brothers, Warburg Pincus and Carlyle Group are in negotiations with Indian brokerage Angel Broking over acquiring a 20 per cent stake, it has been reported.
The firms are included on a shortlist of a dozen investors complied by the Mumbai-based brokerage, which is aiming to raise $50 million through the sale.
Angel Broking's chairman Dinesh Thakkar told Indian daily the Economic Times: 'The process of finding a suitable investor is on. We have shortlisted a dozen private equity investors, and will soon invite bids from them."
Angel has earmarked the funding to finance a programme of expansion through which its branch network will be increased from 70 to 250.
Meanwhile, the bank also intends to use the capital to launch new products such as loan against shares and margin funding, according to an unnamed source cited in the same publication.
The deal is expected to be concluded in September.
News of Angel stake sale to private equity firms follows similar moves from Edelweiss Capital, India Infoline and Motilal Oswal Securities.