On Friday, Indiabulls Ventures has raised Rs 2,000 crore through a preferential share sale. This step was taken to expand its credit business.
According to the reliable sources, various bulge-bracket investors are said to have bought those preference shares that cannot be sold in the next one year. These bulge-bracket investors include Soros Fund, DF International Partners and Steadview Capital. There are some other investors like Valiant Capital, Chandler Corporation, Toscafund, and Think Investments. However, Indiabulls had not responded on this matter yet.
The sources close to this matter stated that the board of Indiabulls Ventures held a meeting on Friday and has approved the fund raising from overseas investors. In market parlance, it is known as a preferential issue of the company’s equity shares.
The subscription closed on Friday with the total demand for the issue reaching about Rs 3,000-3,200 crore. Sources said that against an issue size of $ 300 million, the company had received an aggregate demand for $ 500 million.