Financial services firm Monarch Networth Capital announces Rs 300 crore fund raise
The listed company informed stock exchanges that it secured an equity fund raise of Rs 300 crores at Rs 560 per share through preferential allotment.
ANI
Jul 28, 2024 18:27 IST
New Delhi [India], July 28 (ANI): Monarch Networth Capital, an integrated financial services firm listed on exchanges, announced fundraising and issued bonus shares following a board meeting on Sunday.
The listed company informed stock exchanges today that it secured an equity fund raise of Rs 300 crores at Rs 560 per share through preferential allotment.
As per definition, preferential allotment is a process where a company issues shares or convertible securities to a select group of investors.
The company's board has approved a 1:1 bonus issue of shares for its investors, as per a company stock filing. Typically, for every share an investor has, they would get one extra share.
The company's net profit has soared from just Rs 2 crore in 2019-20 to Rs 123 crore in 2023-24, maintaining a consistent growth trajectory.
The newly secured funds will serve Monarch Networth's diverse business verticals. The plans include the launch of a Portfolio Management Services (PMS) offering, scaling the Margin Trading book, launching a pre-IPO fund, applying for a Mutual Fund license, strengthening the Debt Capital Market division, underwriting IPOs, and more.
"This fundraise will empower us to accelerate our growth initiatives, innovate our offerings, and continue delivering exceptional value to our stakeholders," said Gaurav Bhandari, CEO, as per the stock filing.
"The issue of 1:1 bonus shares is a gesture to showcase our gratitude and commitment to rewarding our investors' enduring belief in Monarch Networth's immense potential. The fresh capital will enable us to explore new avenues and enhance our service offerings. With this fund raise, our net worth is set to surge," said Vaibhav Shah, Managing Director.
With this fundraising, the net worth is set to surge to Rs 700 crore by September 30, 2024, Shah added.
As per the company, it is now present in over 100 cities with about 55 branches across the country and also has a sub-broker network of over 900. (ANI)
Get the App
