• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

To raise funds for business expansion

Kolkata , Oct. 16

Angel Broking plans to place equity with a strategic partner as part of an exercise to raise funds for expansion of its business. The broking company proposes to flag off the programme next fiscal.

Angel, said Mr Dinesh Thakkar, CMD, hopes to zero in on a strong financial partner with the intention of tapping new client segments, including global investors. It intends to inject a considerable sum of money into its business.

"The partner we have in mind may be a broking outfit or a financial institution. This will be our first attempt to raise resources in such a manner. However, it is too early to say anything more on this," he observed, adding that the company has outlined a nation-wide expansion project to stay in tune with latest trends.

Keen on IPO

Angel, which has a 1.5 lakh client base, is also keen on an initial public offer, which may follow its initial strategic placement. This will at any rate happen well after the next 8-12 months, it is pointed out.

The company further hopes to step up its Internet-based service, bringing in more clients into its fold. Currently, online broking accounts for about Rs 200-250 crore - roughly 15-20 per cent of its aggregate business.

Retail investors

Incidentally, retail investors constitute the bulk of its total customer base.

Angel, which also hopes to provide more value-added services to clients, plans to scale up its advisory operation, Mr Thakkar said.

The company has already started distributing mutual funds, seen as a major growth area insofar as the Indian market is concerned.

New PMS variants proposed

Angel Broking, which offers two portfolio management service (PMS) options, plans to roll out other variants, aimed at investors with varying risk appetites. The PMS business, which has been started not very long ago, is expected to assume greater significance in the days ahead.

The two options, billed Oyster and Blue Chip, are aimed at investing in turnaround stories and large-cap companies, respectively. These have been attracting a fair number of clients in recent times, Mr Thakkar said.

A number of other broking houses has lately put special emphasis on their PMS activities. With wealth management services gaining in importance, there are more options for high net worth clients today than before, it is felt.

More Stories on : Financial Services | Alliances & Joint Ventures | IPOs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Angel Broking hopes to zero in on financial partner

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line