Mumbai-based broking firm Angel Broking is planning to raise Rs 200-250 crore through private equity for its expansion plan in 2010-11. The broking house currently, which has a capital base of Rs 260 crore, is talking to investors in the US and UK.
Dinesh Thakkar, chairman and managing director, Angel Broking, said, “We would require Rs 200-250 crore and we plan to raise the money through private equity.” Investors from US and UK are showing interest in investing, he said. The company is planning to initiate the funding between December 2009 and March 2010, he said.
The company had raised Rs 120 crore in the first round of funding in 2007 by placing 12.5 per cent stake with the World Bank’s International Finance Corporation. The brokerage firm has deployed the entire fund to expand its operations.
Speaking about the expansion plan, he said the firm was planning to open 55-60 offices and planning to tap the Tier-I and II cities. The firm has around 170 offices in the country. The company is expecting 15-20 per cent of the revenue in 2009-10 from Tier-I and Tier-II cities.