The board of Indiabulls Ventures approved preferential issue of 3.36 crore equity shares at Rs 175 per share worth Rs 588 crore.
The list of investors include San Francisco-based Ribbit, and US-based NWI Emerging Market Fixed Income Master Fund and Inteligo Bank.
The board also approved the appointment of Sameer Gehlaut, as chairman and chief executive officer (CEO) of the company. The board also approved the re-designation of Divyesh B. Shah, as chief operating officer (COO) of the company.
The company will seek shareholders' approval for the above matters at the AGM on 25 September 2020. The announcement was made after market hours on Friday, 28 August 2020.
Indiabulls Ventures provides securities and derivative broking services. The stock fell 4.19% to Rs 206 on BSE.
On the technical front, the stock's RSI (relative strength index) stood at 76.070. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 136.59 and its 200-day moving average (DMA) placed at 142.14.
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