Kochi, Apr 3 (UNI) Stockbroking and financial services company JRG Securities Ltd. today announced plans to enter the capital market on April 17 with a public issue of 3.6 million equity shares of Rs ten each at a premium of Rs 30 per share.
The issue aggregating to Rs 14.50 crore will close on April 21, company Chairman T M Venkataraman, Managing Director Regi Jacob and Executive Director Jibi Mathew said at a press conference here.
Keynote Corporate Services Ltd. is the Lead Manager to the issue and Bigshare Services pvt. Ltd. is the Registrar.
Of the 3.6 million equity shares, 427,000 shares are reserved for NRIs, leaving a net offer to the public of 3.1 million equity shares. The shares are proposed to be listed on the BSE.
The company plans to invest the funds raised through the IPO into technology upgradation of existing IT infrastructure, establishment of 30 new regional offices in the country and for overseas expansions.
Currently, JRG Securities Ltd. has presence in 310 trading centres in India. It proposes to add another 1,200 trading centres, especially in the northern states such as Haryana, Rajasthan and Madhya Pradesh besides Gujarat and West Bengal.
It also plans to form a wholly owned subsidiary company and a limited liability company in Dubai and securing necessary memberships and approvals to commence capital market operations in the Middle East and secure membership of the DGCX.
A limited liability company will be set up in collaboration with a Dubai resident, as per existing UAE laws, with an initial capital of six million UAE Dirhams (Rs 7.6 crore). It would conduct broking operations on the Indian and intenational stock exchanges for the Middle East market. JRG Securities would hold 40 per cent of the shares in this company, while 60 per cent would be held by the UAE partner.
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