Indiabulls Ventures board to decide terms of rights issue

The securities issuance committee will meet on January 31 to decide the terms of the rights issue of Indiabulls Ventures through which it plans to raise up to Rs 3,000 crore, the company said.
In September last year, the company's board had approved issuance of equity and equity linked instruments, including equity shares of the company, by way of a rights issue to its existing shareholders for an amount not exceeding Rs 3,000 crore.
For purpose of giving effect to the issue, the Board authorised securities issuance committee (SIC) to decide terms of issue, including rights entitlement ratio, total number, issue price, instrument options & other terms and conditions.

"This is to inform that a meeting of SIC will be held on January 31, 2018, to consider...matters including, to determine issue price for issuance of equity shares to be offered in Issue," the Indiabulls Group company said in a BSE filing.
Indiabulls Ventures provides securities, commodities and currency broking services. It also plans to enter the asset reconstruction business and retail and SME (small and medium enterprise) lending.