Domestic brokerage firm Monarch Networth Capital has raised Rs 3,000 crore through allotment of preference shares at Rs 560 a share. The board has also approved a 1:1 bonus issue of shares to investors. The fresh funds secured will be used for strategic initiatives across Monarch Networth’s diversified business areas, including launching PMS offerings, expanding margin trading, launching a pre-IPO fund, applying for mutual fund licence, strengthening its debt capital markets division and underwriting IPOs, the company said in a statement.
Monarch Networth shares, which have risen more than 40% so far this year, closed at Rs 612 on Friday.
Commenting on the announcement, Gaurav Bhandari, CEO of Monarch Networth, said, “The overwhelming support from our investors reflects their confidence in our vision and strategic direction. This funding will enable us to accelerate our growth initiatives, innovate our service offerings, and continue to deliver exceptional value to our stakeholders.”
