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| 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. |
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| AGSL will issue preferential allotment of shares and warrants at Rs 85 a share. |
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| The face value of the shares is Rs 6 apiece and the placement gives Almondz Global an enterprise valuation of Rs 232 crore. |
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| 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. |
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| 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. |
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| "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. |
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| As a part of its plan to offer the convenience of online trading to retail investors, Almondz is currently testing its online trading platform. |
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| This platform will complement the branch presence of Almondz at various locations across the country. |
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| 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. |
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| SBI Capital Markets and Oman-based Gulf Investment Services Co were the advisors to Al Anwar Holdings for the private equity placement. |
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