Fortune Financial sells 22% stake to 2 overseas investors

Fortune Financial Services India Ltd has announced that the Company has placed 22% of its equity with two overseas investors. This was done at an enterprise level valuation of Rs 100 crs.

The Company has embarked upon an expansion plan to spread niche financial services products across identified markets in the country. To accomplish this, the Company has taken several steps including enhancing research capabilities, expansion of product range & penetration into newer markets - all supported by major technology up gradation and large scale recruitment across all levels.

The Company understands the competitive nature of markets and endeavors to provide a differentiation based on adherence to quality & consistentency in level of services.

To fund this expansion, which is planned to cost a total of Rs 30 crs., the equity placement was done. This placement has raised Rs 22 crs towards part funding of the overall budget. The balance would come from internal accruals and borrowings.

Presently, the Company is involved in investment banking, stock broking and distribution activities with a clear focus on mid-level markets.

Source : Equity Bulls

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