Angel One To Raise Rs 2,000 Crore By Issuing Shares
The issue will be either through a public offering or qualified institutional placement on a preferential basis in one or more tranches.
Angel One Ltd. will raise Rs 2,000 crore by issuing equity shares at a face value of Rs 10 each, as the stockbroking firm looks to expand its business.
The decision was approved by its board of directors, it said in an exchange filing on Thursday.
The issue will be either through a public offering or qualified institutional placement on a preferential basis in one or more tranches, according to the filing.
The broking firm will seek approval from its shareholders for the proposed issue by holding an extraordinary general meeting subject to "applicable provisions issued by the Ministry of Corporate Affairs from time to time", the filing said.
The company said the fundraise will also help it build financial flexibility and explore emerging opportunities.
It will move beyond equity and mutual funds, and plans to offer distribution of credit and fixed income products to its clients, it said.
Angel One's average daily orders have grown from 0.5 million in FY20, when they turned digital, to 1.4 million in FY21, the filing said. That rose to 2.8 million and 3.7 million in the next two financial years, respectively.
Shares of Angel One closed 0.72% lower at Rs 3,063.75 apiece, as compared with a 0.74% rise in the benchmark BSE Sensex.
