Shares of Monarch Networth Capital Ltd (MNCL) on Monday jumped 6.6 per cent to ₹653 on the BSE after the company announced fundraising and bonus issues. The company said it has raised ₹300.21 crore through a preferential issue of about 53.61 lakh shares at ₹560 each to 29 investors, who included promoter group entity Monarch Infraparks Private Ltd (₹ 99 crore) and the company’s CEO Gaurav Bhandari (₹25 crore).
The board has also approved a 1:1 bonus issue.
The funds will catalyze strategic initiatives across Monarch Networth’s diverse business verticals. The plans include launching a PMS offering, scaling the margin trading book, launching a pre-IPO fund, applying for a mutual fund licence, strengthening the debt capital market division, underwriting IPOs, and more, it said in a notice to the stock exchanges.
Gaurav Bhandari, CEO of MNCL, said the fundraising will empower the company to accelerate its growth initiatives, innovate offerings, and continue delivering exceptional value to its stakeholders.
Vaibhav Shah, Managing Director, MNCL, said, “The fresh capital will enable us to explore new avenues and enhance our service offerings. “With this fundraise, our net worth is set to surge to ₹700 crore by September 30,” he added.
The board has approved the appointment of MSKA & Associates as the company’s auditor.