Angel One, a major player in the financial services sector, announced a Qualified Institutional Placement (QIP) issue on March 26, with a hard price floor set at Rs 2,555 per share.
Now with its shares available at a discount of almost 7% on the present market price, this move is intended to secure the company finance and bring protein to its expansion plans.
On the National Stock Exchange of India (NSE) today, Angel One stock closed 3.36% higher at Rs 2,750 per share.
In a filing with the NSE, Angel One said its first concern in raising funds will be to increase liquidity and to capitalize on the opportunities that emerge in the brokerage business and the wider fintech world. This is in line company vision of gaining benefit from growth stemming from our present operations yet also seeking further space for expansion in related fields.
This latest development follows a recent statement by Angel One that it plans to raise as much as Rs 2,000 crore via preferential issue, QIP, or other means. The company’s will to invest strategically demonstrates its proactive stance towards seizing market opportunities and enhancing shareholder value.
