Stocks plans to raise ₹251 cr via pref issue

Our Bureau Mumbai | Updated on April 14, 2021

Funds will help the company accelerate its investment in technology, a listed pure play discount broker, plans to raise of ₹251 crore through a preferential issue of equity shares and warrants at ₹500 per share which is a premium of over 70 per cent to Tuesday’s closing price of ₹293 per share on NSE.

Global investors will subscribe to equity shares worth ₹191 crore while the promoters will pump in ₹60 crore by subscribing to the warrants issued.

The proposed investors for preferential allotment are Ward Ferry, Fairfax and RIMCO and warrants are being subscribed by the promoters including Nirmal Jain, Madhu Jain and R Venkataraman.

E-voting to begin

The notice of postal ballot for the preferential issue was issued on Wednesday. The e-voting shall commence on Thursday and end on May 14.

Also read: MF deals via NPCI facility

Prakarsh Gagdani, CEO,, said the business has been witnessing rapid growth and managed to carve out robust customer base amidst growing number of players.

The availability of equity funds will help the company accelerate its investment in customer-centric technology and sustain the pace of growth, he said. has over 1.3 million customers and 6.5 million mobile app users. The company offers broking, mutual funds, insurance, peer-to-peer lending, international stocks, gold investing and margin funding as part of its product bouquet. It reported an income of ₹145 crore for first nine months of the financial year 2021, up 98 per cent year-on-year.

Published on April 14, 2021

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