Indiabulls Financial Services has dipped nearly 6.5% to Rs 278 in the opening deals after the company said that it plans to raise upto Rs 450 crore via share sale.
According to media reports, "Indiabulls Financial Services has launched a share sale for institutional investors to raise up to Rs 448 crore."
It will sell shares at a price range of Rs 283.5 to Rs 298.5, up to 5% discount to its Thursday's close. Bank of America Merrill Lynch is the sole book runner to the transaction.
The stock opened at Rs 294 and touched a low of Rs 277 in the opening hour of trade. As many as 168 shares have changed hands compared to 4,10,000 shares which were traded daily in the past two weeks.
