Domestic broking firm Monarch Networth Capital has raised Rs 300 crores through a preferential allotment of shares at Rs 560 each. The board has also approved a 1:1 bonus issue of shares for its investors. The newly secured funds will be used for strategic initiatives across Monarch Networth’s diverse business verticals, including the launch of a PMS offering, scaling the margin trading book, launching a pre-IPO fund, applying for a mutual fund license, strengthening the debt capital market division, and underwriting IPOs, the company said in a statement.
Shares of Monarch Networth, which have rallied over 40% so far this year, ended at Rs 612 on Friday.
Speaking on the announcement, Gaurav Bhandari, CEO of Monarch Networth said, “The overwhelming support from our investors reflects their confidence in our vision and our strategic direction. This fundraiser will empower us to accelerate our growth initiatives, innovate our offerings, and continue delivering exceptional value to our stakeholders.”
