Mumbai: World Bank arm International Finance Corporation (IFC) will buy 12.5% stake in Mumbai-based brokerage house Angel Broking for Rs150 crore.
The deal with Washington-based IFC got finalised on Thursday night and IFC figured among three firms shortlisted from the 12 investors who participated in the bidding process.
“Still, we are waiting for the Board’s approval before the announcement,” Angel Broking’s chairman and managing director Dinesh Thakkar said, while confirming the report.
The fund raised from the stake sale will be used for branch expansion and to take up insurance distribution among other activities.
Angel Broking ranks among the top three retail broking houses in India and has a network of 80 branches.
The company is a 100% retail stock broking house offering a gamut of retail centric services including e-broking, investment advisory, portfolio management, wealth management services and commodity trading. The broking firm is also into distribution of mutual funds of major fund houses.
Angel had around 2.70 lakh clients and the average daily turnover was of Rs3,000 crore, which included Rs400 crore turnover in commodities business. The company employed a total of 2,400 persons directly and had 3,500 business associates.
Consulting firm Dun & Bradstreet had recently adjudged Angel Broking number one among the Indian broking houses for having maximum number of trading terminals. Angel has 6,370 trading terminals now.