Monarch Networth Capital announces fund raise and bonus issue, Promoters to infuse fresh capital
New Delhi [India], July 29: Monarch Networth Capital, an integrated financial services firm listed on exchanges, announced fundraising and the issuance of bonus shares following a board meeting on Sunday.
ANI
Jul 29, 2024 11:44 IST
PNN
New Delhi [India], July 29: Monarch Networth Capital, an integrated financial services firm listed on exchanges, announced fundraising and the issuance of bonus shares following a board meeting on Sunday.
Today, the company informed stock exchanges that it has secured an equity fund raise of Rs 300 crores at Rs 560 per share through preferential allotment. Preferential allotment is a process where a company issues shares or convertible securities to a select group of investors.
The company's board has also approved a 1:1 bonus issue of shares for its investors, according to a company stock filing. This means that for every share an investor holds, they will receive one additional share.
Monarch Networth Capital's net profit has surged from Rs 2 crore in 2019-20 to Rs 123 crore in 2023-24, showcasing a consistent growth trajectory.
The newly secured funds will support Monarch Networth Capital's various business verticals. The plans include launching 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.
Gaurav Bhandari, CEO of Monarch Networth Capital said, "This fundraise will empower us to accelerate our growth initiatives, innovate our offerings, and continue delivering exceptional value to our stakeholders," said.
Managing Director Vaibhav Shah said, "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".
With this fundraising, the net worth is projected to soar to Rs 700 crore by September 30, 2024, Shah added. The company currently operates in over 100 cities, with approximately 55 branches nationwide and a sub-broker network exceeding 900.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Tags:
Get the App
