The exit is through buyback of shares (by the company) and is expected to be substantially completed in 2014, said the bank in a stock market filing.
According to earlier reports,
The first tranche of buyback, accounting for about 48 per cent of the total shares held by the bank, has been completed and as a result the shareholding of the bank in MKSL has reduced from 45.7 per cent to 30.4 per cent.
The bank has already taken the full impairment loss of
Although the Indian brokerage house has been making profit, the fall in Indian rupee value against rial eroded the actual return on investment in dollar terms.
Mangal Keshav, one of the oldest brokerage firms in
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