Angel One raises Rs 1,500 crore via QIP; Motilal Oswal MF, Franklin Templeton among investors
Angel One raised Rs 1,500 crore through qualified institutional placement of shares, which will help in funding its growth expansion plans.
The Qualified Institutional Placement (QIP) received an overwhelming response from both domestic and foreign institutional investors, the brokerage firm said. Angel One allotted 58,70,818 equity shares to qualified institutional buyers at Rs 2555.01 a share. The QIP issue opened on March 26, and closed on April 2.
Aditya Birla Sun Life MF, HDFC MF, ICICI Prudential Life Insurance, and Franklin Templeton were allotted 5% each of the total issue size, while Goldman Sachs was allotted 6.2% of the issue. Nippon India MF was also allotted shares in the QIP.
Motilal Oswal Mutual Fund got the biggest allocation, as it was allotted 29.3% of the total issue.
“This fundraise through QIP, strategically positions fintech player Angel One for its growth trajectory,” the company said.
Angel One plans to use the proceeds for funding margin obligations that are fulfilled on behalf of its clients and the margin trading facility provided to its clients, besides future growth requirements.
“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,” said Dinesh Thakkar, chairman and managing director,
