Indiabulls Ventures Limited approves preferential offer of 3.38 crore warrants

To augment long-term resources of Indiabulls Ventures Limited for meeting funding requirements for its business purposes, and as a reflection of confidence that promoters have in the future of the Company, the Board of Directors, at its meeting held today, i.e. 28.03.17(which was commenced at3:15PM and concluded at 4:15PM), has approved preferential offer & issue of up to 3,38,00,000 convertible warrants to(a)Inuus Properties Pvt Ltd &(b)Inuus Developers Pvt Ltd, promoter group entities. These warrants are convertible into equivalent number of equity shares of Rs.2 each at an exercise price of Rs.43.75 per share.

Total equity investments by these two investors would aggregate upto Rs.147.875 Cr in the Company, post conversion of warrants. The iffer & issue of these warrants is in accordance with Chapter VII of SEBI(ICDR) Regulations 2009, as amended.

For seeking shareholder's approval, to aforesaid issuance of warrants, Board has convened an EGM on Tuesday, 25.04.17.

Shares of INDIABULLS Ventures LTD. was last trading in BSE at Rs.50.4 as compared to the previous close of Rs. 48.85. The total number of shares traded during the day was 1089937 in over 1214 trades.

The stock hit an intraday high of Rs. 51.25 and intraday low of 49.75. The net turnover during the day was Rs. 55315686.

Source : Equity Bulls

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