Bhandari to accelerate growth initiatives, innovate offerings
Ahmedabad’s Monarch Networth Capital says the recently Rs.300 crore equity fund will support its various business verticals and launching of a Portfolio Management Services (PMS) offering, scaling the Margin Trading book.
It will also be launching a pre-IPO fund, applying for a Mutual Fund license, strengthening the Debt Capital Market division, underwriting IPOs, and more nse .
Monarch Networth Capital CEO Gaurav Bhandari said in a release on 29 July, “This fundraise will empower us to accelerate our growth initiatives, innovate our offerings, and continue delivering exceptional value to our stakeholders bse .”
“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 sbi ,” Managing Director Vaibhav Shah added.
With this fundraising, the net worth is projected to soar to Rs.700 crore by 30 September 2024, Shah added. The company currently operates in over 100 cities, with approximately 55 branches nationwide and a sub-broker network exceeding 900 iba .
The company has 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 investindia .
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, demonstrating a consistent growth trajectory. Fiinews.com
