Brokerage Angel One, which boasts of 22 million clients, mops up Rs 1,500 crore via QIP
Mumbai: Online focused brokerage Angel One has raised Rs 1,500 crore through a qualified institutional placement (QIP) of equity to select investors as part of funding its growth capital requirements.
The QIP issue was open between March 26 and April 2, and the brokerage has claimed on Friday an overwhelming response from both domestic as well as foreign institutional investors.
In a statement it said the company has allotted 58.71 lakh equity shares to institutional investors at a floor price of Rs 2,555.01 apiece, aggregating to Rs 1,500 crore. The equity has a face value of Rs 10, which means 255x the premium.
This fund will be deployed for working capital requirements, such as margin funding; and for future growth requirements.
Dinesh Thakkar, the chairman and managing director of the brokerage, the largest in terms of customers, said, through this QIP we capitalise the business for future growth trajectory, thereby further strengthening our industry position.
Angel One is the largest listed retail stock broking house in terms of active clients on the NSE with over 22 million clients.