Indiabulls Ventures spikes over 3%; Board Approves Preferential Issue

Indiabulls Ventures is soaring high in the early hours of trade on BSE, as the board of the company has approved the preferential issue of upto 3,38,000 convertible warrants to Innus Properties and Inuus Developers, promoter group entities.

The warrants are convertible into equivalent number of equity shares of Rs 2 each at an exercise price of Rs 43.75 per share.

The stock opened at Rs 52.60 per share, traded on a 52 week high of Rs 52.90 per share; and a low of Rs 51 per share.

BSE Finance Index is trading up by 12 points or 0.26% at 4851 levels.

Nifty Financial Service index is trading up by 0.17 % or 14.55 points at 8685 levels.

Stock view:

Indiabulls Ventures Ltd is currently trading at Rs 52.2, up by Rs 1.8 or 3.57% from its previous closing of Rs 50.4 on the BSE.

So far 1991727(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1613.84 crore.

The BSE group ‘B’ stock of face value Rs 2 has touched a 52 week high of Rs 51.25 on 28-Mar-2017 and a 52 week low of Rs 13.1 on 05-Apr-2016.

Last one week high and low of the scrip stood at Rs 51.25 and Rs 44.5 respectively.

The promoters holding in the company stood at 38.59 % while Institutions and Non-Institutions held 1.43 % and 59.96 % respectively.

The stock is currently trading above its 50 DMA.

Original Source