Rajkot-based equity broking house Marwadi Shares & Finance Limited (MSFL) managed to secure a second phase of private equity placement from another UK-based Caledonia Investments plc after its first phase of investment from India Capital Growth Fund Limited in December last year. | |
| Caledonia Investments has picked up 19.67 per cent stake in MSFL which is to the tune of Rs 42 crore. This was announced on Monday by company officials. MSFL is a decade-old financial services group offering stock broking and commodity broking firm on the NSE, BSE, NCDEX and MCX. |
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| Ketan Marwadi, Managing Director, MSFL told Business Standard, "We look forward to a long-term association with Caledonia and are confident that with their support we can realise our vision to make Marwadi a leading brokerage house in the coming days." |
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| In a release from MSFL, Tim Ingram, Chief Executive, Caledonia Investments commenting on the investments stated, "We are pleased to make this investment which we believe will help Marwadi realise its potential for further growth in India." |
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| With the UK-based firms investing in MSFL, the company has emerged as the fifth broking house in the country and the first broking house from Gujarat to have private equity placement from a foreign player. |
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| MSFL initially planned a route into the capital market and raise about Rs 60 crore through an IPO, but postponed the plan and instead decided to raise funds through a private equity placement. |
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| With foreign investment pouring in, MSFL revised its equity raising pattern from Rs.60 crore to Rs.73.5 crore and managed to disburse a 33 per cent stake for Rs.73.5 crore as one of the three prime investor of which two investors are UK-based investment companies and third comprising small time investors. |
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