23 Feb 2024 , 10:45 AM
Angel One plans to raise to ₹2,000 Crore capital through various avenues such as preferential issue, further public offer (FPO), qualified institutions placement (QIP), or other modes, as per a BSE filing on Thursday.
The decision to raise funds through multiple channels was ratified during a board meeting held earlier in the day. Shareholder approval will be sought for this proposed fundraising initiative.
The funds garnered will be utilized to bolster financial flexibility and support the seamless expansion of Angel One’s broking business. Additionally, the proposed amount aims to capitalize on emerging opportunities within the fintech sector.
Alongside the fundraising plan, the board greenlit an increase in the company’s authorized share capital from ₹100 Crore to ₹120 Crore.
Angel One’s stock closed marginally lower at ₹3,072.35 per share on the BSE on Thursday. At the time of writing, the stock was trading at ₹3069.20 which is a 0.18% increase than the previous close. In January, the brokerage firm disclosed a 14% year-on-year increase in net profit to ₹260.3 Crore for the three months ended December 2023, compared to ₹228 Crore in the corresponding period last year. However, the company witnessed a sequential profit decline of 14.5%.
Revenue from operations surged by 41.5% to ₹1,059 Crore in the third quarter ending December 31, 2023, from ₹748.6 Crore recorded a year earlier.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.