SORIL Holdings and Ventures Ltd approves preferential issue

To capitalize and fund SORIL Holdings and Ventures Ltd's subsidiaries for undertaking the proposed businesses of Life Insurance, General Insurance & Consumer Platform and to further augment the long-term resources to improve the financial leveraging strength of the Company and its subsidiaries, the Board of the Company, at its meeting held today has approved the preferential offer and issue of an aggregate of upto 1,00,00,000 (One Crore) equity shares at an issue price of INR 330 (including premium of INR 328) per equity share, for cash consideration, to the foreign portfolio investor(s), registered with the SEBI, namely Steadview Capital Mauritius Ltd, ABG Capital, and LTR Focus Fund (Investors). The total equity investment by the Investors would aggregate INR 330 Crore (Rupees Three Hundred Thirty Crores) in the Company.

For seeking shareholders' approval, to the above proposal, the Board has convened an EGM of Shareholders of the Company on May 22, 2018.

Shares of SORIL Holdings and Ventures Ltd was last trading in BSE at Rs.370.4 as compared to the previous close of Rs. 352.8. The total number of shares traded during the day was 223644 in over 589 trades.

The stock hit an intraday high of Rs. 370.4 and intraday low of 340. The net turnover during the day was Rs. 82565116.

Source : Equity Bulls

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