Angel Broking In Talks To Raise $64 Million

(Reuters) – India’s Angel Broking, a stock broking and wealth management firm, is in talks with private equity firms to raise as much as 3 billion rupees ($64 million), said three sources with direct knowledge of the matter.

The company is talking to private equity firms including Blackstone (BX.N), TPG Capital [TPG.UL] and General Atlantic Partners to raise the fund by selling part of its stake, said the sources.

The Economic Times reported the news earlier in the day.

The sources declined to be named as they were not authorised to speak to the media.

A spokesman for Angel Broking and Blackstone Group declined to comment on fund raising plans. Officials at TPG and General Atlantic could not immediately be reached by Reuters for comment.

Angel Broking has hired investment bank NM Rothschild & Sons to advise on the private equity deal, sources said.

“We should be able to close it early next month,” said a source. He declined to give details.

Private equity firms typically make minority investments in India, where entrepreneurs are often reluctant to sell out and where full buyouts are rare.

Private equity investment in India has picked up momentum in recent months with deals worth $2.05 billion in the first half of this year as compared to $964 million in the same period last year, according to Thomson Reuters data. (Reporting by Indulal P.M., Jigar Pathak; Editing by Jui Chakravorty)