Mirae Asset Securities is strengthening its presence in India’s brokerage market through a 288.7 billion won ($220 million) rights issue for its local subsidiary. The Seoul-based company plans to acquire over 1.4 billion additional shares, securing full ownership of Mirae Asset Capital Market Private.
The move follows regulatory approvals from Indian authorities and December’s agreement to buy Sharekhan, one of India’s leading retail brokers. The acquisition target serves 3.1 million clients through 120 branches and will be rebranded as Mirae Asset Sharekhan.
Company officials said the funds will support expansion plans for both the subsidiary and the newly acquired brokerage. Mirae Asset sees India’s securities industry as a key growth market, citing the country’s rising affluence and ongoing market reforms.
The Korean firm’s push into India comes as foreign financial institutions compete for market share in one of Asia’s fastest-growing economies. While Sharekhan ranks among India’s top 10 brokers, Mirae Asset faces stiff competition from established local players and other international firms seeking to tap into the country’s retail investing boom.
