Indiabulls Ventures Ltd approves preferential offer to Cinnamon Capital Ltd

To augment long-term resources of Indiabulls Ventures Ltd for meeting funding requirements for business purposes, the Board of the Company, at its meeting held today, i.e. April 7, 2017, has approved preferential offer & issue of 38,865,582 equity shares at an issue price of Rs. 58.40 per equity share, for cash consideration, to Cinnamon Capital Limited ('Investor'), a foreign portfolio investor registered with the SEBI.

The total equity investment by the Investor would aggregate Rs. 2,269,750,000.The offer & issue of these equity shares is in accordance with Chapter VII of the SEBI (ICDR) Regulations 2009, as amended & other applicable provisions of FEMA 1999 and rules & regulations framed thereunder & any other Rules / Regulations / Guidelines, if any, prescribed by any other Regulatory Authorities.

For seeking shareholder's approval, to the aforesaid issuance of equity shares, the Board has convened an Extraordinary General Meeting of its Shareholders on Saturday, May 6, 2017.

Shares of INDIABULLS SECURITIES LTD. was last trading in BSE at Rs.70.65 as compared to the previous close of Rs. 67.35. The total number of shares traded during the day was 3466540 in over 3758 trades.

The stock hit an intraday high of Rs. 70.7 and intraday low of 68.2. The net turnover during the day was Rs. 244251947.

Source : Equity Bulls

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