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Friday, October 13, 2006

Angel Broking for private placement, IPO after expansion

Leading broking firm Angel Broking, which is currently in an aggressive expansion mode, has drawn up plans for private placement and public offer, reports The Economic Times.

"We will make private placement and subsequently will go for a public offer from 2008 onwards," Angel Broking Dinesh Thakkar said.

"In 2007-08 financial year, we plan to raise Rs 100-150 crore (Rs 1-1.5 billion) in private placement and another Rs 150 crore (Rs 1.5 billion) would be raised in offering stake to preferably a foreign strategic investor who will help us in reaching the global market," he said.

Public offer will follow later, Thakkar said.

Angel Broking was aiming to open 400 offices across the country over the next three to four years. Currently, it has 68 branches, 12 regional hubs and over 1,000 outlets.

"In the current year we will put Rs 25 crore for expansion," Thakkar said.

The company recently opened an office in Kolkata to expand its footprint in the entire eastern region. The company has 1,57,000 retail customers and offers brokerage business for the National Stock Exchange, the Bombay Stock Exchange and commodity exchanges.

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