Monarch Networth Capital Raises Rs 300 Crores, Announces 1:1 Bonus Shares

Monarch Networth Capital has announced raising Rs 300 crores through preferential allotment at Rs 560 per share and a 1:1 bonus issue of shares. The company aims to fund diverse business verticals, enhancing growth and value creation for stakeholders.

Monarch Networth Capital, an integrated financial services firm listed on stock exchanges, has secured Rs 300 crores in equity funding through a preferential allotment priced at Rs 560 per share. The announcement follows a board meeting held on Sunday.

The firm informed the stock exchanges of a 1:1 bonus issue for its investors. This means shareholders will receive one additional share for each share they own. The preferential allotment selectively issues shares to a chosen group of investors.

Monarch Networth reported a significant rise in net profit from Rs 2 crore in 2019-20 to Rs 123 crore in 2023-24. The new funds will support their business initiatives, including launching Portfolio Management Services, scaling the Margin Trading book, and applying for a Mutual Fund license, among others.

CEO Gaurav Bhandari stated, "This fundraise will empower us to accelerate our growth initiatives and deliver exceptional value to our stakeholders." Managing Director Vaibhav Shah highlighted that the net worth is expected to surge to Rs 700 crore by September 30, 2024, adding, "The bonus shares showcase our gratitude to our investors' belief in our potential."

Monarch Networth operates in over 100 cities with around 55 branches and a sub-broker network of more than 900. (ANI)

(With inputs from agencies.)