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Indiabulls Ventures to conduct EGM to approve preferential issue of Rs2,063cr

The EGM will be held for approval by members for preferential allotment of ~Rs2,063cr (45.8mn shares) to certain foreign investors at a price of Rs450 per share.

Indiabulls Ventures has filed notice of its EGM, scheduled to be held on May 31, 2018. The EGM will be held for approval by members for preferential allotment of ~Rs2,063cr (45.8mn shares) to certain foreign investors at a price of Rs450 per share.

The fund raising will be used to fund its two subsidiaries –IVL Finance and Indiabulls Asset Reconstruction Company. The board has already approved raising of funds. The major investors include M/s Tamarind capital (14.8mn shares), M/s Steadview Capital Mauritius (11.8mn shares), TIMF holdings (4.9mn shares), M/s ABG capital (2.9mn shares), etc.

Considering the pre-preferential holding of M/s Tamarind Capital, M/s Steadview Capital Mauritius and M/s ABG Capital, their respective holding would be approx. 11.54%, 4.01% and 0.92% of the post preferential allotment fully diluted equity share capital of the Company.

In Q4FY18, IVL Finance’s loan book stood at ~Rs4,001cr. Its focus on small ticket size personal and business loans will aid future growth. Further, Government’s intention to clean non-performing assets (NPAs) is favourable for its asset reconstruction segment. The money raised from this issue will help the company in strengthening its position in both the businesses.

Indiabulls Ventures Ltd is currently trading at Rs502 up by Rs2.45 or 0.49% from its previous closing of Rs499.55 on the BSE.