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Sebi keeps Indiabulls Ventures' rights issue in abeyance

Press Trust of India  |  New Delhi 

has kept Indiabulls Ventures' Rs 2,000-crore proposed rights issue in abeyance "pending regulatory action for past violations", the latest update with the markets regulator showed.

However, did not clarify further.

The company had filed draft papers with in September, seeking approval to raise Rs 2,000 crore through issue of equity to its existing shareholders on rights basis.

Proceeds raised through the proposed rights issue is to meet the funding requirements and to support future growth of consumer and assets reconstruction businesses carried out by the company, through its subsidiary firms.

Without disclosing the nature of violations, Sebi said it has kept the processing of rights issue "in abeyance pending regulatory action for past violations", according to the latest update as on November 10.

Axis Capital has been appointed to manage the company's proposed rights issue.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 13 2017. 17:57 IST