Indian financial services company
SMC Global is a diversified financial services company headquartered in New Delhi, India. It offers services ranging from brokerage to investment banking. MIAC owns approximately 13% of the company. MIAC recently exercised its "right-to-sell" option on April 1st, 2015 to sell 1% of SMC for approximately $2.2 million which will close in stages. SMC Global is currently pursuing a $20 million public offering and listing on a primary stock exchange in India. MIAC has the right to participate in the public offering by selling up to approximately $3 million of it shares. SMC Global is currently targeting completion of this offering by Q4 2015. There can be no assurances as to when or if this transaction will be completed or the enterprise value upon completion of the listing.