Angel One said that its board has approved to raise funds not exceeding Rs 2,000 crore by various mode through one or more tranches.
The broking firm will raise funds in one or more tranches by way of issuance of such number of equity shares having face value Rs 10 each or any other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 2,000 crore by way of a preferential issue, further public offer or qualified institutions placement (QIP) or other permissible mode or through a combination thereof, in one or more tranches.The purpose of this fund raise is to augment and build financial flexibility to grow the business and harness various emerging opportunities both within the existing & expanding broking business and across the inorganic universe within the fintech space.
The company will raise funds for augment margin monies with the stock exchanges to enable increased level of operations by its growing client base, arrange for funding of the growing client funding book, tapping into various emerging opportunities across the inorganic universe within the fintech space, general corporate purpose.
Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. It's a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.
The companys consolidated net profit declined 14.52% to Rs 260.3 crore in Q3 FY24 as against Rs 304.5 crore recorded in Q2 FY24. Total income rose marginally to Rs 1060.8 crore in Q3 FY24 from Rs 1,049.3 crore posted in Q2 FY24.
The scrip shed 0.72% to settle at Rs 3,063.75 on Thursday, 22 February 2024.
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