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Indo Thai Securities to Raise Around 32 cr through IPO

Friday, September 30, 2011
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Mumbai: Indore-based Indo Thai Securities Limited (ITSL),engaged in the Stock Broking Services business, proposes to raise between Rs. 28 crore and Rs. 32 crore through initial public offer (IPO) to fund its growth plans. "The company is entering the capital market with its IPO of 40,00,000 equity shares. The funds raised through the issue will be utilised for financing the growth of our business and part of the proceeds are proposed to be utilised as long term working capital," Indo Thai Securities Chairman and CEO P S Doshi told reporters here. The company has fixed a price band of Rs. 70-84 per share.The promoters' stake will come down to 60 per cent after the IPO, Doshi said. The company provides broking services to their clients, which includes, equity and derivatives with membership in BSE, NSE, USE and MCX-SX and is also a depository participant of CDSL. The company is now looking at expansion of its branch network and opening offices in major cities. "Currently, we have 13 branches, of which, 11 are located within Madhya Pradesh. The company, after the issue, proposes to establish its presence in Mumbai, Ahmedabad, Vadodara, Pune, Nagpur, Raipur, Jodhpur, Jaipur, Udaipur, Noida and Lucknow," Doshi said. The company provides services to high net worth individuals and retail investors, which currently totals to 7,200 across the country. The company is also looking at huge opportunities in web-based trading and currency trading, he said. The equity shares of the company are proposed to be listed on NSE and BSE.
Source: PTI
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