Thursday, January 4, 2007

Rajkot-based broking house gets PE funding from UK-based India Capital Growth Fund

Rajkot-based equity broking house Marwadi Shares & Finance Limited (MSFL) has received Rs. 26 crores from UK-based India Capital Growth Fund Limited (ICGFL) in exchange of a 15.66% stake.

MSFL plans to raise about Rs. 60 crores through private placement with foreign investors in two phases, with investment from ICGFL being in the first phase. For the rest of the amount, the company is negotiating private equity placement with a couple of foreign players. The deal is likely to materialize by March 2007.

ICGF is a Guernsey (UK)-registered investment company listed on AIM, the London Stock Exchange’s international market for smaller growing companies, and is managed by India Investment Partners Limited, a London-based investment manager. MSFL is a decade-old financial services group offering stock-broking and commodity-broking through NSE, BSE, NCDEX and MCX. The company has 24 branches, with a total manpower of over 250 employees and a customer base of 75,000-plus.

Read the article in the Business Standard.

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