Indiabulls Ventures Ltd approves preferential offer at Rs. 94.70

To augment the long-term resources of Indiabulls Ventures Ltd for meeting funding requirements for its business purposes, the Board of the Company, at its meeting held today, April 21, 2017 (commenced at 8:00 P.M. & concluded at 9:15 P.M.), has approved preferential offer & issue of 47,390,000 equity shares at an issue price of Rs. 94.70 (including a premium of Rs. 92.70) per equity share, for cash consideration, to Tamarind Capital Pte Ltd, a company incorporated in Singapore, ('Investor').

The total equity investment by the Investor would aggregate to Rs. 4,487,833,000. 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 & rules & regulations framed thereunder or prescribed by any other Regulator. For seeking shareholder's approval, to the aforesaid issuance, the Board has convened an EGM of its shareholders on Monday, May 22, 2017.

Shares of INDIABULLS Ventures LTD. was last trading in BSE at Rs.108.2 as compared to the previous close of Rs. 103.4. The total number of shares traded during the day was 2265029 in over 6301 trades.

The stock hit an intraday high of Rs. 108.55 and intraday low of 105. The net turnover during the day was Rs. 244531602.

Source : Equity Bulls

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