(Corrects number of shares tendered by Nomura Research Institute to 4.95 million from 4.98 million in paragraph 2))
TOKYO, July 27 (Reuters) - Nomura Holdings Inc said on Thursday it would tender to sell its shares in Jafco Co through a share buyback with the venture capital firm, as the brokerage looks to deploy its capital more efficiently.
Nomura, Japan’s largest brokerage and investment bank, said in a statement it would put its 8.48 million shares, or 17.6 percent stake, in Jafco up for sale on Friday, at 4,560 yen per share. Nomura Research Institute Ltd will also tender to sell 4.95 million shares, Jafco said.
If all the tendered shares are sold, the deal will generate for Nomura a pretax profit of around 9 billion yen ($80.94 million), to be booked in the July-September period.
The deal will “contribute to Nomura’s drive to enhance capital efficiency and optimally allocate its management resources,” Nomura said in a statement.
Nomura has shown willingness to consider selling stakes in its non-core businesses, and told investors in May it would look to improve capital efficency and invest surplus capital in growth areas. The brokerage is currently expanding its U.S. investment banking business.
In May, the brokerage started unofficial talks with Japan Post Holdings Co over the sale of a stake in Nomura Real Estate Holdings, a source told Reuters.
However, the deal broke down in June, after Nomura Real Estate said Japan Post was no longer considering a plan to buy a stake.
$1 = 111.1900 yen Reporting by Thomas Wilson; Editing by Jacqueline Wong