Online brokerage iFAST said on Monday it increased its stake in associated company iFAST India Holdings to 30.96 percent from 24.98 percent after participating in the Indian entity’s rights issue.
Through the rights issue, iFAST acquired 6.11 million new shares of iFAST India Holdings at S$0.15 per rights share, for a total consideration of S$916,557, iFAST said in a filing to SGX after the market close on Monday.
iFAST India Holdings will use the net proceeds of the rights issue for working capital and to expand the business, the filing said.
“The group believes the rights issue allows opportunities to tap on India’s potential strategic role in terms of providing business opportunities to the rest of the group,” iFAST said in the statement. “The group also views the valuation of the transaction as attractive, given the increased attention in the financial technology sector globally, including India.”