Stock broking firm Angel One has raised Rs 1,500 crore via qualified institutional placement (QIP) of shares. The funds will be used to fuel expansion plans. Angel One sold 58,70,818 equity shares to qualified institutional buyers at a floor price of Rs 2555.01 per share. The floor price was at a 6.32% discount to closing price of Rs 2727.60 on March 26. The QIP issue was open from March 26 to April 2.
The Qualified Institutional Placement (QIP) saw an overwhelming response from both domestic and foreign institutional investors, the brokerage firm said.
Dinesh Thakkar, Chairman and Managing Director Angel One said, “The successful completion of this QIP marks a significant milestone in our journey, as we capitalise the business for its future growth trajectory, thus strengthening our position in the industry. The capital market landscape has undergone significant changes in recent years, with a robust outlook and deepening penetration, driven by digitisation. We are witnessing continuous engagement of Indian retail investors, as evidenced in our performance metrics.”
Meanwhile, stock of the brokerage firm closed 1.48% lower at Rs 2975.70 on BSE. Market cap of the firm fell to Rs 26,743 crore. A total of 0.56 lakh shares of the firm changed hands amounting to a turnover of Rs 16.67 crore on BSE. Angel One stock has risen 49.65% in six months and gained 154.63% in a year. The brokerage stock has a beta of 0.4, indicating very low volatility in a year.