JRG which has been into stock, commodity and insurance broking had recently gone public. It had issued 36.25 lakh equity shares of Rs 10 each on a premium of Rs 30 to raise Rs 14.5 crore. The issue closed on April 21 and was oversubscribed 4.47 times, company managing director Reji Jacob said.
The company with 400 branches planned to raise it to 1,200 and extend the reach beyond the country. It proposed to set up a limited liability company in Dubai to undertake stock market operations and also establish a wholly-owned subsidiary in the DMCC free zone area in Dubai for commodity broking operations, he added.