Indiabulls Ventures Ltd on Friday said that it will raise Rs588 crore (or $80 million) through a preferential share sale to a clutch of investors led by American fintech investor Ribbit Capital.
Indiabulls Ventures will issue 33.6 million shares, representing about 5.5% shareholding, to six investors including units of Ribbit Capital and NWI Management at ₹175 apiece (19% discount to Friday’s closing) to raise a total ₹588 crore ($80 million), according to a stock exchange filing.
Inteligo Bank, First Royalty Ventures, TIMF Holdings and Think India Opportunities Master Fund are the other investors buying shares in the preferential issue.
Rabbit Capital will be offered 10.5 million shares and NWI Management will get 8.4 million, while Inteligo Bank and First Royalty Ventures will be offered 4.2 million each, TIMF Holdings 3.78 million shares and Think India Opportunities Master Fund will be offered 2.52 million shares.
Indiabulls Venture also announced the appointment of Sameer Gehlaut as chairman and CEO
In May 2018, Indiabulls Ventures had raised ₹2,000 crore (or $300 million) through a preferential share sale to several bulge-bracket investors, including the Soros Fund, DF International Partners and Steadview Capital.
On Friday, shares of Indiabulls Ventures gained 7.53% to close at ₹215 on BSE, while the benchmark index, Sensex gained 0.90% to 39467.31 points.
