To capitalize and fund Indiabulls Consumer Finance Limited (formerly known as IVL Finance Limited) and Indiabulls Asset Reconstruction Company Limited, the subsidiaries of the Company, for meeting their business requirements and to support the future growth of their businesses and to further augment the long-term financial resources of the Company and such other purposes, as may be determined by the Board from time to time, the Board of Directors of the Company (the "Board"), at its meeting held today i.e. October 24, 2018 (which commenced at 8.00 A.M. and concluded at 8.45 A.M.), has considered and approved, preferential offer and issue (the "Preferential Issue") of compulsorily convertible debentures ("CCDs") for an aggregate amount of upto INR 15,392,000,000/- (Rupees One Thousand Five Hundred Thirty Nine Crores and Twenty Lacs only), to certain foreign investors (the "Foreign Investors"), as detailed hereunder:
Tamarind Capital Pte. Ltd. Upto INR 7,400,000,000/-
Steadview Capital Mauritius Ltd. Upto INR 6,142,000,000/-
ABG Capital Upto INR 1,258,000,000/-
DF International Partners Upto INR 592,000,000/-
TOTAL Upto INR 15,392,000,000/-
These CCDs will be compulsorily converted into fully paid-up Equity Shares of FV of Rs. 2/- each, at a conversion price of Rs. 550/- per Share (which is at a premium of approx. 35% on yesterday's closing market price of Rs. 408.20 at NSE), on or before 18 months from the date of their allotment and shall carry a coupon of 14.9% p.a., payable quarterly. For seeking shareholders' approval, to this CCD issuance, an EGM of shareholders' of the Company will be held on 21st Nov 2018.
Shares of Indiabulls Ventures Limited was last trading in BSE at Rs.414.5 as compared to the previous close of Rs. 404.2. The total number of shares traded during the day was 698171 in over 2160 trades.
The stock hit an intraday high of Rs. 424.4 and intraday low of 384. The net turnover during the day was Rs. 273004098.