AK Capital Services plans to raise Rs 400 crore through qualified institutional placements (QIPs), a top company official said today.
"We plan to raise Rs 400 crore through QIP, subject to regulatory approvals. The QIP is aimed to fund both the organic and inorganic growth," AK Capital Managing Director and CEO A K Mittal said.
Reaping benefits of the encouraging market opportunities, the company wishes to capitalise the growth prospects through NBFC and wealth management services for its clients, he said.
The bond market has been on an upswing since the past few months, especially since bank loan are increasingly becoming costlier. The bond market grew a healthy 25 per cent in FY10 over the previous fiscal. This fiscal, the market is expected to grow by nearly 100 per cent and the aggregate volume of bond issues could be around Rs 3.5 lakh crore, Mittal said.
AK Capital has registered a 21 per cent jump in its total income at Rs 40.60 crore in Q1 over Rs 33.60 crore q-o-q. Income from operations rose 21 per cent to Rs 40.10 crore in the reporting quarter compared to Rs 33.20 crore in the year-ago period.
Profit before tax was up by 27 per cent to Rs 21.30 crore in Q1 over Rs 16.80 crore in the year-ago period. Profit after tax increased by 30 per cent to Rs 14.10 crore over Rs 10.80 crore in the same quarter last year.
