Ahmedabad-based stock broking firm Anagram Securities has received private equity funding from Munesh Khanna-founded Halcyon Group. Part of the Rs 2,000 crore-Lalbhai Group (the owner of Arvind Mills), Anagram is believed to have been valued at Rs 165 crore ($40.5 million). The firm has placed 15 per cent stake to the $300 million distressed assets fund, according to a report in The Economic Times.
Anagram, which also runs stock research portal Moneypore.com, is largely focused on Gujarat. Its services are also limited to retail broking and research, a reason why it is valued less than its Mumbai counter parts like Anand Rathi Securities (where Citigroup Venture Capital International picked up stake at a valuation of $112 million).
The company now plans to diversify into investment banking and advisory, wealth management, portfolio management and institutional broking business. This is somewhat against it’s earlier position which said it would not indulge in “proprietorial trading” and manage no mutual funds, nor would be interested in corporate finance (see About Us here).
Halcyon Group is floated by Khanna, who recently left Merrill Lynch as head of investment banking, and others like Narayan Seshadri, former head of Andersen Consulting in India, and Abhay Soi, who was at Ernst & Young India. Khanna will be the non-executive chairman of Anagram. Darshan Mehta, the CEO of Arvind Brands, also doubles up as the CEO of Anagram.
Click here for our coverage of deals in broking business.