Tuesday, July 24, 2007

Angel Broking is attracting PE interest

The domestic equity broking scene has been heating up recently. With the interest that global investors are showing in the Indian markets, the broking business is getting very attractive for a lot of players.

After names like Motilal Oswal, Edelweiss, India Infoline, it is now Angel Broking which is in talks to offer 20% of its stake to PE investors like Lehman Brothers, Warbug Pincus and the Carlyle group. Angel intends to raise Rs.200 crs through this sale, valuing it at Rs.1000 crs. NM Rothschild has been given the mandate to look for a suitable partner and the deal is expected to be closed by September end as reported by the Economic Times.

The funds will be used to finance Angel’s proposed expansion of branches and to launch new products such as loan against shares and margin funding, said the paper.

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