Fortune Financial Services sells 22 pc stake

New Delhi, Apr 3: Fortune Financial Services India Ltd today said it has raised Rs 22 crore by offloading 22 per cent of its equity to two overseas investors.

The transaction was performed at an enterprise level valuation of Rs 100 crore.

The funds raised will be utilised towards part funding the company's expansion plan, expected to cost Rs 30 crore. The balance would come from internal accruals and borrowings.

The company seeks to spread its niche financial services products across identified markets in the country. It has taken several steps including enhancing research capabilities, expansion of product range and penetration into newer markets - all supported by major technology up gradation and large scale recruitment across all levels.

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

UNI