Indiabulls Ventures Ltd on Friday said it will raise Rs 588 crore by issuing preferential shares to certain foreign investors.
The decision was taken by the board of directors in a meeting held today (August 28, 2020), the company said in a regulatory filing.
The board approved the preferential offer and issue of an aggregate of up to 3,36,00,000 equity shares, approximately 5.5 per cent of the post preferential issue share capital of the company, at an issue price of Rs 175 per equity share, for cash consideration, to certain foreign investors, it said.
“The total equity investment by the investors would aggregate to Rs 588 crore, equivalent to USD 80 million in the company,” Indiabulls Ventures said.
A total of six investors will infuse the equity capital into the company, with Ribbit Cayman IN Holdings VI, Ltd (RCH) being offered 1,05,00,000 shares, while 84,00,000 shares extended to NWI Emerging Market Fixed Income Master Fund Ltd.
Inteligo Bank Ltd and First Royalty Ventures LLC will be getting 42,00,000 equity shares each. TIMF Holdings will be offered 37,80,000 shares and Think India Opportunities Master Fund LP will get 25,20,000 shares of the company.
The board of directors, among others, approved the appointment of Sameer Gehlaut as Chairman and Chief Executive Officer (CEO) of the company, it said.
Divyesh B Shah has been approved to be re-designated as the Chief Operating Officer of the company, Indiabulls Ventures said.
“Shareholders’ approval for preferential issuance of equity shares and appointment of Sameer Gehlaut as referred…shall be taken at the 25th Annual General Meeting of shareholders of the company, to be held on Friday, September 25, 2020,” the company said.
Indiabulls Ventures shares settled at Rs 215 apiece on BSE, up 7.53 per cent from the previous close.
Source: Business-Standard