Leading private equity investors Lehman Brothers, Warburg Pincus and Carlyle Group are in talks with Angel Broking to buy a 20% stake in the Mumbai-based retail broking firm.
Angel Broking is the latest to join the PE bandwagon after leading industry players like Motilal Oswal Securities, Edelweiss Capital and India Infoline roped in equity partners in the past. Angel is planning to raise about Rs 200 crore through the placement, pegging the broking firm’s valuation at around Rs 1,000 crore.
The funds will be used to finance Angel’s proposed expansion of branches. It also wants to launch new products such as loan against shares and margin funding, said the source. A 100% retail player, Angel Broking has chalked out an expansion plan under which it has identified 250 new locations in addition to its existing branch network of 70. It offers a range of services like broking, research, investment advisory, wealth management, e-broking and commodities trading to about two lakh clients. “Angel Broking records daily business volumes of Rs 1,500 crore and enjoys about 3% market share,” claimed Mr Thakkar.
(Source: Economic Times)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment