Indiabulls Ventures approves preferential issue of Rs 15.39-billion CCDs

Indiabulls Ventures Ltd on Tuesday informed stock exchanges that its board of directors had considered and approved, a preferential offer and issue of compulsorily convertible debentures (CCDs) for an aggregate amount of up to Rs 15.39 billion to certain foreign investors.

The company would use the funds thus raised “to capitalise its subsidiaries Indiabulls Consumer Finance Limited and Indiabulls Asset Reconstruction Company Limited for meeting their business requirements”. 

Here is a break-up of the CCDs the company would be issuing to foreign investors: 

• Tamarind Capital: Worth up to Rs 7.4 billion
• Steadview Capital Mauritius Ltd: Worth up to Rs 6.14 billion
• ABG Capital: Worth up