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| Angel Infin Pvt Ltd |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 26395 |
| Company name | Angel Infin Pvt Ltd |
| Country | India |
| Sector | Finance & Insurance |
| Environmental category | C |
| Department | Global Financial Markets Group |
| Status | Active |
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| Date SPI disclosed | August 31, 2007 |
| Projected board date | October 4, 2007 |
| Previous Events | Invested: December 27, 2007
Signed: December 7, 2007
Approved: November 1, 2007 |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| The project entails IFC taking a minority equity position in Angel Infin Private Ltd (Angel) an Indian financial services firm focused on retail broking services. The equity investment will support Angel’s expansion in to Tier 2 and Tier 3 cities in India and hence gain access to a larger client base. The investment will also help Angel introduce new products to serve its clients more effectively. The investment is well aligned to the IFC strategy of supporting organizations in their growth phase and meets IFC’s objective of promoting financial inclusion in India through ensuring access to a broader range of financial savings products. |
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| Project sponsor and major shareholders of project company |
| The main sponsor is Mr. Dinesh Thakkar, a first generation entrepreneur. Mr. Dinesh Thakkar is the Chairman and Managing Director of Angel. |
| Total project cost and amount and nature of IFC's investment |
| The proposed IFC investment entails an equity infusion for its own account to help the company meet its growth plans in the medium term. |
| Location of project and description of site |
| Angel Infin is headquartered in Mumbai, India, and provides services to its clients via 1950 outlets in 222 cities, through a controlling network of 12 regional offices (which also serve as branches) and 62 branches. |
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| Anticipated development impact of the project |
The development impact of the project will be to:
- Increase retail participation in equity related investments in an under penetrated market, where individuals do not have access to a broad range of financial instruments to diversify their savings and hence increase and de-risk their earnings.
- Introduce a new category of small investors in underserved locations to diverse savings instruments.
- Promote professionally managed brokerage houses and hence assist in the development of the Indian capital markets.
- Promote fast growing brokerage companies to achieve a larger share of the market in India and also explore possibilities of expanding into new markets through superior services and product offerings. |
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| IFC's expected development contribution |
IFC’s expected development contribution is to:
- Provide funding support to Angel to achieve its growth plans.
- Work closely with the company to introduce best international corporate governance practices.
- Support the company’s efforts to provide a diverse range of investment opportunities to the small retail investor.
- Support the company’s expansion in other emerging markets. |
| Environmental and social issues - Category C |
| This project entails IFC support for a stock-broking firm and has provisionally been classified as a Category C project according to IFC’s Environmental and Social Review Procedure. The project is required to inform IFC in the event of any change in nature or scope of its present business or operations. |
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| For inquiries about the project, contact: |
Mr. Dinesh Thakkar, Chairman and Managing Director
Angel Infin Private Limited
G-1, Akruti Trade Center,
Road No – 7, MIDC, Marol,
Andheri (East), Mumbai 400093
India
Telephone: +91 222820 2353
Fax: +91 22 5668 4385 |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
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