BNP Paribas is expected to take a 33 per cent share in the firm, buying new shares at 26 rupees, which represents a 4.2 per cent premium on the share price at the close of trading on Saturday.
It is expected that the extra money will be used to facilitate the development of the business in rural and semi-urban areas of India, where exponential growth of the brokerage industry is expected, according to the Times of India.
An unnamed source from Geojit told Reuters that the sale of the stake was imminent.
"We have closed the deal and are awaiting regulatory approvals," the source said.
If it does go ahead, the purchase will mark BNP Paribas's second large investment in India in recent months, following the purchase of a stake in Sundaram Asset Management at the end of last year.