Brokerage house Angel One on Thursday (February 22) decided to raise about ₹2,000 crore in one or more tranches through preferential issues, qualified institutions placement (QIP) or other modes. The board decision, however, is subject to shareholder approval.
The board has proposed "raising of funds in one or more tranches by way of issuance of such number of equity shares having face value Rs 10 each of the company (“Equity Shares”) or any other eligible securities or any combination thereof (hereinafter referred to as "Securities"), for an aggregate amount not exceeding ₹2,000 crore," according to a stock exchange filing.
The purpose of this fundraise is to augment and build financial flexibility to grow the business and harness various emerging opportunities both within the existing broking business and across the fintech space.
Angel One reported strong growth in the total number of orders and client base in January. The total number of orders gained 1.2% month-on-month to 16.63 crore in January from 13.72 crore in December.
On a year-on-year basis, the number of orders soared 93.4% compared to 8.6 crore in January 2023, the company said in its monthly updates released on February 7. Also, the brokerage logged a 5% growth in client base at 2.04 crore in January 2024 over the previous month.
On a yearly basis, the company’s client base advanced 58.5% compared to 1.28 crore in January last year, the trading and stock broking services provider said in a stock exchange filing.
Although gross client acquisition experienced a 2% decline from the previous month, dropping to 10.3 lakh in January from 10.5 lakh, it still showcased a remarkable 163% growth compared to the same month last year, which saw 3.9 lakh acquisitions.
Its average client funding book surged by 22.3% to ₹2,249 crore in January over ₹1,838 crore in the previous month and saw a higher 62.5% increase compared to ₹ 1,393 crore in the year-ago month.
Shares of Angel One Ltd ended at ₹3,067.50, down by ₹18.50, or 0.60%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Feb 22, 2024 8:31 PM IST
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