BNP Paribas Arbitrage offloads partial stake in Angel Broking on listing day

BNP Paribas Arbitrage has offloaded around 50 percent of its shareholding in Angel Broking, the country's one of the largest retail broking houses in terms of active clients on the National Stock Exchange (NSE), on its listing day, i.e. October 5.

BNP Paribas Arbitrage sold 5,24,649 equity shares in the brokerage firm (representing 0.64 percent of total paid-up equity), the bulk deals data available on the NSE showed.

The fund house has offloaded the shareholding at Rs 280.13 per share, a 8.5 percent, discount to its issue price of Rs 306 per share.

BNP Paribas Arbitrage had 1.2 percent equity stake (or 9,82,051 equity shares) in Angel Broking, as per the shareholding pattern available on the exchanges just before listing of the company.

Angel Broking lists at discount, what should investors do?

BNP seems to have received above mentioned shares via the company's initial public offering, at issue price of Rs 306 per share.

Angel Broking had a weak debut on October 5, falling 9.87 percent to close at Rs 275.80 on the NSE. It also opened with 10 percent discount.

Mutual funds, including ICICI Prudential Value Fund (2.29 percent stake) and Nippon India Growth Fund (1.96 percent), held 6.99 percent stake in Angel Broking, while FPIs, including BNP, held 4.32 percent shareholding in the company.

International Finance Corporation also has 11.01 percent stake in Angel Broking.

After the public issue, promoters held 44.56 percent stake in the retail broking house, and the rest is held by public.

Among other bulk deals, Robust Marketing Services acquired 1,29,474 rights entitlement shares of Deepak Fertilizers at Rs 13.91 per share. Aequitas Investment Consultancy - PMS was the seller in Deepak Fertilizers, offloading 1,02,735 RE shares at Rs 13.99 per share on the NSE.