{"id":76266,"date":"2018-05-05T05:57:30","date_gmt":"2018-05-05T05:57:30","guid":{"rendered":"https:\/\/www.bnreport.com\/indiabulls-ventures-raises-%e2%82%b92000-crore-via-preference-share-sale\/"},"modified":"2018-05-05T05:57:30","modified_gmt":"2018-05-05T05:57:30","slug":"indiabulls-ventures-raises-%e2%82%b92000-crore-via-preference-share-sale","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/indiabulls-ventures-raises-%e2%82%b92000-crore-via-preference-share-sale\/","title":{"rendered":"Indiabulls Ventures raises \u20b92,000 crore via preference share sale"},"content":{"rendered":"

MUMBAI: Local financial services provider Indiabulls Ventures<\/a> has raised \u20b92,000 crore (or $300 million) through a preferential share sale to help expand its credit business. <\/p>\n

Several bulge-bracket investors, including the Soros Fund<\/a>, DF International Partners<\/a> and Steadview Capital<\/a>, are said to have bought those preference shares<\/a> that cant be sold in the next one year, two people familiar with the matter told ET. Some other investors include Valiant Capital, Chandler Corporation, Toscafund, and Think Investments. <\/p>\n

Individual investors could not be contacted immediately for comments. Indiabulls did not respond to ETs e-mail, but later sent a release to BSE<\/a> with details on the matter. <\/p>\n

\u201cThe board of Indiabulls Ventures (IVL) held a meeting on Friday and has approved the fund raising from overseas investors,\u201d said one of the persons cited above. In market parlance, it is known as a preferential issue of the companys equity shares. <\/p>\n

The subscription closed on Friday with the total demand for the issue reaching about \u20b93,000-3,200 crore. Sources said that against an issue size of $ 300 million, the company had received an aggregate demand for $ 500 million. <\/p>\n

Many of these investors are known for their successful bets in technology-enabled businesses. For example, DF was an early investor in Alibaba, and Steadview Capital bought an early stake in Ola Cabs. Chandler Corporation, meanwhile, is one of the largest investors in the Indian financial space. <\/p>\n

Last year, Indiabulls Ventures entered the micro, small and medium enterprise lending business through its wholly-owned subsidiary IVL Finance Ltd (IVLFL) that has a loan book of more than \u20b94,000 crore. <\/p>\n

IVL Finance, formerly known as Shivshakti Financial Services, is a non-deposit taking NBFC registered with the central bank and a 100% subsidiary of Indiabulls Ventures. <\/p>\n

In the past one month, Indiabulls Ventures shares surged 83% to close at \u20b9488.45 Friday. A few days earlier, the company said in an exchange platform that its board would meet to consider a preferential issue of equity shares. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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MUMBAI: Local financial services provider Indiabulls Venture..<\/p>\n","protected":false},"author":1,"featured_media":76267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-76266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nIndiabulls Ventures raises \u20b92,000 crore via preference share sale - Business News Report<\/title>\n<meta name=\"description\" content=\"MUMBAI: Local financial services provider Indiabulls Venture..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/indiabulls-ventures-raises-%e2%82%b92000-crore-via-preference-share-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indiabulls Ventures raises \u20b92,000 crore via preference share sale - 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