Financial Services Firm Monarch Networth Capital Announces Rs 300 Crore Fund Raise and Bonus Share Issuance
Financial Services Firm Monarch Networth Capital Raises Rs 300 Crore in Fundraising Round
New Delhi [India], July 28 (ANI): Monarch Networth Capital, a leading financial services firm, has successfully raised Rs 300 crore in a recent fundraising round. The company, which is listed on exchanges, announced the fundraising and issuance of bonus shares following a board meeting on Sunday.
The equity fund raise of Rs 300 crores was secured at Rs 560 per share through preferential allotment. Preferential allotment is a process where a company issues shares or convertible securities to a select group of investors. Additionally, the company’s board has approved a 1:1 bonus issue of shares for its investors, meaning that for every share an investor has, they would receive one extra share.
Monarch Networth Capital has seen significant growth in its net profit, soaring from Rs 2 crore in 2019-20 to Rs 123 crore in 2023-24, maintaining a consistent growth trajectory. The newly secured funds will be utilized to enhance the company’s diverse business verticals, including the launch of Portfolio Management Services (PMS), scaling the Margin Trading book, launching a pre-IPO fund, applying for a Mutual Fund license, strengthening the Debt Capital Market division, underwriting IPOs, and more.
Gaurav Bhandari, CEO of Monarch Networth Capital, expressed that the fundraise will empower the company to accelerate its growth initiatives, innovate its offerings, and continue delivering exceptional value to stakeholders. Vaibhav Shah, Managing Director, highlighted that the issue of bonus shares is a gesture to showcase gratitude and commitment to rewarding investors’ enduring belief in the company’s potential.
With this fundraising, the company’s net worth is set to surge to Rs 700 crore by September 30, 2024. Monarch Networth Capital is currently present in over 100 cities with about 55 branches across the country and has a sub-broker network of over 900.
The successful fundraising round reflects the company’s strong growth trajectory and commitment to enhancing its service offerings to meet the evolving needs of its clients and stakeholders.
