Infibeam Board approves to raise Rs 161.50 Crores via Issue of Warrants on Preferential basis

Infibeam Avenues Ltd, India's leading listed fintech company received Board approval to raise Rs. 161.50 Crores funding through Preferential allotment of fully convertible Warrants. The funds will be deployed for the company's domestic and international fintech and software business expansion as well as for other business purposes.

On Thursday, the Board of Directors of Infibeam Avenues Ltd. approved the issuance of 9.50 Crores Fully Convertible Warrants , on a preferential basis, subject to shareholder's and other requisite approvals, to VYBE Ventures LLP at an issue price of Rs. 17 per warrant that are convertible into equivalent fully paid up Equity Shares of Face Value of Re 1 (Rupee One only) each.

VYBE Ventures LLP is owned by Mr. Vishwas Patel who is an Executive Director at Infibeam Avenues Limited and Mr. Vivek Patel (his relative) as designated partners.

Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 14.92 as compared to the previous close of Rs. 15.28. The total number of shares traded during the day was 467581 in over 1032 trades.

The stock hit an intraday high of Rs. 15.35 and intraday low of 14.53. The net turnover during the day was Rs. 6983547.00.

Source : Equity Bulls

Keywords

InfibeamAvenues INE483S01020 FundRaising PreferentialAllotment ConvertibleWarrants