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| Angel Broking to raise Rs 300 cr from PE firms |
| Press Trust of India / New Delhi May 28, 2009, 18:33 IST |
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Domestic brokerage firm Angel Broking today said it will raise an additional capital of up to Rs 300 crore through private equity to fund its branch expansion and margin funding plans.
"Angel Broking intends to raise an additional capital from the private equity space to the tune of Rs 250-300 crore, closer to the third quarter of this fiscal, to fuel its branch expansion and margin funding plans," a company statement said.
The company is in the process of opening up three new offices this quarter. Depending on the stability in the markets, the firm intends to get into a more aggressive expansion drive and set up at least 50 more offices this fiscal, it said.
The broking firm has laid out a detailed plan for its distribution business and is looking to hire close to 1,200 people on this vertical alone, out of which, close to 800 would be hired before the end of the first quarter of FY10.
"We aspire to grow with our client's needs and serve them with the best products and services in the future too. To meet increasing demand from the retail sector, we have planned to open 50 more offices this financial year," Angel Broking Chairman and Managing Director Dinesh Thakkar said.
Angel Broking has bagged two awards at the Dun & Bradstreet Equity Broking Awards 2009 under the categories of 'Best Retail Broking House' and 'Broking House with Largest Distribution Network'.
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