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Our Bureau

Mumbai , Nov. 29

SIMULTANEOUSLY with a transaction on November 25 to acquire Refco LLC in the US, Man Financial completed certain key stages in its acquisition of Refco's 70.15 per cent interest in Refco-Sify Securities India Pte Ltd, including a shareholder agreement with Sify under which Sify will retain its existing 29.85 per cent interest in the joint venture.

Man Group is a leading global provider of alternative investment products and solutions as well as one of the world's largest futures brokers.

The transaction is subject to securing regulatory approvals in India. In all other respects, preparations for Man Financial's entry are complete, a company release said.

"The acquisition of Refco assets/companies by Man Financial will create one of the strongest platforms in the global exchange-traded derivatives space, the benefit of such a strength will ensure tremendous value for the customers," Mr Vineet Bhatnagar, Managing Director, Refco-Sify Securities India, said.

The company will change its name to Man Financial - Sify Securities India Pvt Ltd as soon as the change of control permissions are received.

A similar approach is being adopted for Refco Capital India Pvt Ltd, which is a wholly owned subsidiary of Refco-Sify Securities and has the second NSE membership.

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