Indiabulls Ventures Limited approves raising of Rs. 3000 crores

Keeping in view growing business requirements in line with proposed expansion plans into lending & asset reconstruction businesses, Board of Indiabulls Ventures Limited, at its today's meeting, considered & approved raising of funds aggregating upto Rs.3,000 cr, by way of issue of equity shares to existing shareholders on rights basis and/or issue of equity shares or other permissible convertible securities to QIBs, by way of qualified institutions placement, in accordance with applicable provisions/regulations.

The Board constituted Securities Issuance Committee has been authorised to examine & evaluate various options to raise funds, to implement & take decisions on the type of offering(s), terms & conditions, nature of security, issue size, issue price, timing of issue etc. To seek the shareholders' approval for issuance of Equity Shares, to the extent applicable, and for amending Articles of the Company, so as to align them in line with the extant laws, a meeting of its shareholders' would be held on 23.10.2017.

Shares of Indiabulls Ventures Limited was last trading in BSE at Rs.252.9 as compared to the previous close of Rs. 267.2. The total number of shares traded during the day was 1118918 in over 7877 trades.

The stock hit an intraday high of Rs. 270.25 and intraday low of 247. The net turnover during the day was Rs. 285013334.

Source : Equity Bulls

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