At meeting held on 24 October 2018
The Board of Indiabulls Ventures at its meeting held on 24 October 2018 has approved preferential issue of compulsorily convertible debentures ('CCDs') for an aggregate amount upto Rs 539.20 crore, to certain foreign investors.These CCDs will be compulsorily converted into fully paid-up Equity Shares of FV of Rs. 2/- each, at a conversion price of Rs. 550/- per Share (which is at a premium of approx. 35% on yesterday's closing market price of Rs. 408.20 at NSE), on or before 18 months from the date of their allotment and shall carry a coupon of 14.9% p.a., payable quarterly. For seeking shareholders' approval, to this CCD issuance, an EGM of shareholders' of the Company will be held on 21 November 2018.
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