Angel One garners Rs 1,500 cr via QIP to fund growth plan

New Delhi: Fintech player Angel One on Friday said it has raised Rs 1,500 crore through the Qualified Institutional Placement (QIP) route to fund working capital requirements of the company.

The issue, which was opened on March 26 and concluded on April 2, received an overwhelming response from both domestic and foreign institutional investors, Angel One said in a statement.

The company has allotted 58.71 lakh equity shares to institutional investors at a floor price of Rs 2,555.01 apiece, aggregating the transaction size to Rs 1,500 crore.

After the allotment of shares, the paid-up equity share capital of the company stood at Rs 8.98 crore.

The fund raised through QIP would be utilised for funding the margin obligations that are fulfilled on behalf of the clients and the margin trading facility provided to clients; future growth requirements and general corporate purpose.

"The successful completion of this QIP marks a significant milestone in our journey, as we capitalise the business for its future growth trajectory, thus strengthening our position in the industry," Angel One Chairman and Managing Director Dinesh Thakkar said.

"The capital market landscape has undergone significant changes in recent years, with a robust outlook and deepening penetration, driven by digitisation," Thakkar added.