JM Financial Group on Wednesday announced that it has entered into a joint venture with leading broking firm, ASK Securities Pvt Ltd by agreeing to acquire 60 per cent equity stake in the company for a consideration of Rs 58.14 crore.

 The board meeting of JM Financial, which split its seven-year JV with Morgan Stanley in February ‘07, approved, ‘in principle’, the proposal to enter into a joint venture with ASK Group for acquiring the equity stake either by the company itself or through any of its subsidiaries in ASK Securities.

 The JV will focus on the Equity Research and Institutional Sales & Trading Businesses. And the transaction is expected to close by second quarter of the financial year 2007-08, subject to regulatory approvals.

Nimesh Kampani, Chairman, JM Financial Group said, “This JV will complete the bouquet of financial services we offer.”