As per an ET report, BNP Paribas is selling its entire stake in domestic brokerage firm Sharekhan.

After acquiring the brokerage in 2016, the European bank is now looking to sell its 100% stake in the company for around $370-$420 million (₹3,000-₹3,400 crore). As per the report, the deal has garnered interest from five potential buyers.

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Three of the players are domestic entities namely, the newly launched Jio Financial Services, Paytm Money, and Bajaj Finserv. Paytm Money’s current CEO Varun Sridhar previously worked at BNP Paribas and later at Sharekhan.

However, a Paytm Spokesperson denied the reports. “This is completely incorrect. We have not placed any such bids,” the spokesperson told Benzinga India. Benzinga India’s mail to BNP Paribas for a comment was unanswered at the time of publishing.

With over 28 lakh customers, 130+ branches, and more than 3,900 business partners spread across over 670+ locations, Sharekhan is one of the largest brokers in India.

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