Sebi keeps Indiabulls Ventures’s proposed rights issue on hold
Sebi has kept the Rs2,000 crore rights issue of Indiabulls Ventures in abeyance due to ‘pending regulatory action for past violations’
New Delhi: Sebi has kept Indiabulls Ventures’ Rs2,000-crore proposed rights issue in abeyance “pending regulatory action for past violations”, the latest update with the markets regulator showed. However, Sebi did not clarify further.
The company had filed draft papers with Sebi in September, seeking approval to raise Rs2,000 crore through issue of equity shares to its existing shareholders on rights basis.
Proceeds raised through the proposed rights issue is to meet the funding requirements and to support future growth of consumer finance and assets reconstruction businesses carried out by the company, through its subsidiary firms.
Without disclosing the nature of violations, Sebi said it has kept the processing of rights issue “in abeyance pending regulatory action for past violations”, according to the latest update as on 10 November. Axis Capital has been appointed to manage the company’s proposed rights issue.
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