Intellect Design Arena to set up AIF

Intellect Design Arena Limited proposes to set up an Alternative Investment Fund (AIF) for INR 1000 Mn to further pursue its transition from a Product Company to a Fintech Platform based company. The investment will be set up in 'Alternative Investment Fund-Category II' and not 'Category III', as mentioned in the quarterly results and associated investor presentation.

As Intellect integrates and participates in the Platform economy with Marketplaces and Ecosystems, there would be opportunities to collaborate with specific Partners who would complement our technical and functional expertise and help expand the business. This AIF is meant to make minority investments in such Partners to ensure alignment with Intellect's vision to become a world leading fintech platform. An AIF enables separation of risk along with a seamless process of financial accounts consolidation and related aspects while dealing with Startups/ Digital natives and hence preferred as a vehicle of investment.

This is an enabling resolution. The investments in the AIF may happen over the next 6-24 months according to the opportunities available and identified according to their suitability and the funds will be on needs basis. With the current business generating Cash, the investments in AIF will not impact company operations.

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 694.80 as compared to the previous close of Rs. 655.90. The total number of shares traded during the day was 64302 in over 3241 trades.

The stock hit an intraday high of Rs. 701.50 and intraday low of 651.20. The net turnover during the day was Rs. 44235104.00.

Source : Equity Bulls

Keywords

IntellectDesignArena INE306R01017 AIF