Mumbai: Close on the heels of BNP Paribas'' acquisition of stake in Geojit Financial Services Ltd, Citigroup Venture Capital India Ltd has bought nearly 20 per cent of Anand Rathi Securities, sources at the brokerage said.

Sources at the brokerage said the Indian firm has sold 19.9 per cent stake to Citigroup Venture Capital. They, however, failed to disclose the value of the deal.

While the valuation is still not clear, Anand Rathi Securities officials have confirmed they will use the proceeds from the stake-sale to upgrade its branch network.

"We are happy to have CVCI as a financial partner with us for our long term growth. Financial partnership with a renowned international fund like CVCI and extra resources will assist us in achieving faster growth. The funding will be used to further expand the company''s network of branches and create yet greater value for our customers through advanced technology," Anand Rathi, chairman, Anand Rathi Securities, said.

Earlier this month, BNP Paribas, Europe''s second-biggest bank by value, said it was extending its alliance with Geojit Financial Services Ltd. to institutional brokerage and expand its investment banking business.

Anand Rathi Securities, set up by Anand Rathi, a former president of the Bombay Stock Exchange, in 1994, has offices in Dubai, Bangkok and several Indian cities.

The company provides a variety of services, including wealth management, investment banking, brokerage and distribution of equities, commodities, mutual funds and insurance.