Al Anwar buys 15% in Almondz

It will help financial services firm foray into West Asia

Oman-based private equity investment firm Al Anwar Holdings has signed an agreement with Delhi-based financial services company Almondz Global Securities (AGSL) to pick up 14.99 per cent stake in the latter.

AGSL will issue preferential allotment of shares and warrants at Rs 85 a share.

The face value of the shares is Rs 6 apiece and the placement gives Almondz Global an enterprise valuation of Rs 232 crore.

This agreement comes close on the heels of AGSL signing a memorandum of understanding (MoU) with the Noble Group, an independent investment bank in the UK, in October 2007 to pursue jointly cross-border business opportunities.

The ventures include setting up a foreign institutional investor (FII) desk in London and Mumbai, starting primary equity operations and establishing a fund in the financial services segment.

"This capital infusion will help us to grow our retail business aggressively. We see a strategic business fit between Al Anwar Holdings and Almondz. Al Anwar is focused on investments in the financial services space in West Asia. This tie-up will help Almondz foray into the West Asian markets," said Vinay Mehta, MD and CEO, AGSL.

As a part of its plan to offer the convenience of online trading to retail investors, Almondz is currently testing its online trading platform.

This platform will complement the branch presence of Almondz at various locations across the country.

After the merger with Almondz Capital Markets (expected to be completed by January 2008), the company will have four main divisions "� corporate finance, debt portfolio management, equity broking and wealth management.

SBI Capital Markets and Oman-based Gulf Investment Services Co were the advisors to Al Anwar Holdings for the private equity placement.