Indiabulls Ventures To Raise Rs 588 Crore From Foreign Investors
Indiabulls Ventures Ltd. on Friday said it will raise Rs 588 crore by issuing preferential shares to certain foreign investors.
The decision was taken by the board of directors in a meeting held today (Aug. 28, 2020), the company said in a regulatory filing.
The board approved the preferential offer and issue of an aggregate of up to 3,36,00,000 equity shares, approximately 5.5% of the post preferential issue share capital of the company, at an issue price of Rs 175 per equity share, for cash consideration, to certain foreign investors, it said.
"The total equity investment by the investors would aggregate to Rs 588 crore, equivalent to $80 million in the company," Indiabulls Ventures said.
A total of six investors will infuse the equity capital into the company, with Ribbit Cayman IN Holdings VI, Ltd. being offered 1,05,00,000 shares, while 84,00,000 shares extended to NWI Emerging Market Fixed Income Master Fund Ltd.
Inteligo Bank Ltd. and First Royalty Ventures LLC will be getting 42,00,000 equity shares each. TIMF Holdings will be offered 37,80,000 shares and Think India Opportunities Master Fund LP will get 25,20,000 shares of the company.
The board of directors, among others, approved the appointment of Sameer Gehlaut as Chairman and Chief Executive Officer of the company, it said.
Divyesh B Shah has been approved to be re-designated as the Chief Operating Officer of the company, Indiabulls Ventures said.
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"Shareholders' approval for preferential issuance of equity shares and appointment of Sameer Gehlaut as referred...shall be taken at the 25th Annual General Meeting of shareholders of the company, to be held on Friday, Sept. 25, 2020," the company said.
Indiabulls Ventures shares settled at Rs 215 apiece on BSE, up 7.53% from the previous close.