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Indiabulls Ventures hits new high on fund raising plan; soars 48% in 1 mnth

SI Reporter/Mumbai 10 Aug 18 | 11:25 AM

The property, One Indiabulls Park, is located in Ambattur area of Chennai and covers an area of a 1.9 million sq ft

Shares of Indiabulls Ventures are locked in upper circuit of 5% at Rs 713 on the BSE, extending its last one month's rally, after the company announced that its board will meet on Tuesday, August 14, to consider fundraising plans. The stock currently trading at its new high has rallied 48% as compared to 5% rise in the S&P BSE Sensex.

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“A meeting of the board of directors of the Company would be held on Tuesday, August 14, 2018, to consider and approve convening of the ensuing Annual General Meeting of the Company including agenda thereof, raising of funds by way of issue of bonds /debentures /equity shares/other eligible securities etc. of the Company, on private placement / public issue basis to any class of investors including qualified institutional buyers," Indiabulls Ventures said in a regulatory filing.

The company primarily engaged in businesses include broking and related activities and lease rental activities had reported a strong 95% growth in consolidated net profit of Rs 877 million in June 2018 quarter. It had a profit of Rs 450 million in the same quarter last year.

In June 2018, Indiabulls Ventures had raised Rs 20.63 billion via share sale to certain foreign investors in order to capitalise and fund its two subsidiaries --IVL Finance and Indiabulls Asset Reconstruction Company.

The company said it raised the funds for meeting their business requirements and to support the future growth of their businesses and to further augment the long-term financial resources of the Company.

Indiabulls Ventures has given over 100% returns to its investors for the second consecutive years. Thus far in the current calendar year 2018, the stock has rallied 169% against 11% rise in the Sensex. In previous calendar year 2018, it appreciated 13-times or 1193% from Rs 20.53 to Rs 265.43 on December 29, 2017.

Till 11:21 am; a combined 446,003 equity shares changed hands and there were pending buy orders for 180,841 shares on the BSE and NSE.

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