Angel One jumped 5.26% to Rs 2,871.05 after the stockbroker announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,555.01 per share.
The company's board authorized and declared the opening of the issue on Tuesday, 26 March 2024.
The floor price of Rs 2,555.01 is at a discount of 6.33% to the previous day's closing price of Rs 2727.60 on the BSE.
The issue price will be determined by the company in consultation with the book running lead managers appointed in relation to the issue.
The broking firm has also informed that a meeting of the securities issuance committee is scheduled to be held on Monday, 1 April 2024 to consider the issue price of the equity shares.
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 to 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.
As per the shareholding pattern in December 2023, the promoters of Angel One held a 38.24% stake in the company.
Angel One is the largest listed retail stock broking house in India, in terms of active clients on NSE. The company provides broking and advisory services, margin funding, loans against shares and distribution of third-party financial products to its clients. The broking and allied services are offered through online and digital platforms and network of authorized persons.
The brokerage companys consolidated net profit grew by 14.2% to Rs 260.30 crore in Q3 FY24 as against Rs 228 crore recorded in Q3 FY23. Total income jumped 39.6% YoY basis to Rs 1060.80 crore in the quarter ended 31 December 2023.
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