Buzzing stock: Indiabulls Ventures to raise Rs 3000 cr through QIP or Rights issue

Indiabulls Ventures has decided to raise Rs 3,000 crore either through a qualified institutional placement (QIP) or rights issue of shares. These funds would be raised as the company’s business requirements are growing and there are proposed expansion plans into lending and asset reconstruction businesses.

Indiabulls Ventures Ltd. is the financial services arm of the Indiabulls Group. Indiabulls Ventures Ltd. acts as a stock and share broker on the BSE and NSE, depository participants and other related services. Its primary businesses include broking and related activities, and lease and rental activities.

Indiabulls stock today opened at Rs 252.90 and showed volatile movement in the morning session. It touched intra-day high of Rs 256.70 and intra-day low of Rs 235.20.

Between September 2016 to February 2017, the stock price remained consolidated in range of Rs 22-27. On December 27, 2016, the scrip’s 52-week low was at Rs 18.50. But post-March 2017, a tremendous and continuous upward trend was seen and last week a new 52-week high at Rs 295.05 was recorded.