Indiabulls Ventures scales 52-week high

Indiabulls Ventures rose 2.98% to Rs 51.90 at 11:45 IST on BSE after the company announced that the board of directors at a meeting held on 28 March 2017 approved preferential offer of convertible warrants to promoter group entities.

The announcement was made after market hours yesterday, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 112.36 points or 0.38% at 29,521.88. The S&P BSE Small-Cap index was up 64.61 points or 0.46% to 14,217.98.

On the BSE, 3.22 lakh shares were traded on the counter so far as against the average daily volumes of 9.75 lakh shares in the past one quarter. The stock had hit a high of Rs 52.90 in intraday trade, which is also a 52-week high for the stock. The stock hit a low of Rs 51 so far during the day. The stock had hit a 52-week low of Rs 13.10 on 5 April 2016.

The small-cap company has equity capital of Rs 64.04 crore. Face value per share is Rs 2.

Indiabulls Ventures announced that the board of directors at a meeting held yesterday, 28 March 2017 approved preferential offer & issue of up to 3.38 crore convertible warrants to Inuus Properties & Inuus Developers, promoter group entities.

The decision was taken to augment long-term resources of the company for meeting funding requirements for its business purposes, and as a reflection of confidence that promoters have in the future of the company,

These warrants are convertible into equivalent number of equity shares of Rs 2 each at an exercise price of Rs 43.75 per share. Total equity investments by these two investors would aggregate upto Rs 147.875 crore in the company, post conversion of warrants.

Indiabulls Ventures' consolidated net profit fell 54.1% to Rs 10.59 crore on 9.6% decline in total income to Rs 96.93 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Ventures (Formerly Indiabulls Securities) is one of India's leading capital markets companies providing securities broking and advisory services. Indiabulls Ventures also provides depository services, equity research services to its clients and offers commodities trading through a separate company. These services are provided both through on-line and off-line distribution channels.

Powered by Capital Market - Live News