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26-Apr2018

Soril Holdings to raise funds to capitalize, fund its subsidiaries

Soril Holdings and Ventures has received an approval for the preferential offer and issue of an aggregate of up to 1,00,00,000 equity shares at an issue price of Rs 330 (including a premium of Rs 328) per equity share, for cash consideration, to the foreign portfolio investor(s), registered with the Securities and Exchange Board of India, namely Steadview Capital Mauritius, ABG Capital and LTR Focus Fund (Investors), in order to capitalize and fund the subsidiaries of the company for undertaking the proposed businesses of Life Insurance, General Insurance and Consumer Platform and to further augment the long-term resources to improve the financial leveraging strength of the company and its subsidiaries. The Board of Directors of the company at its meeting held on April 25, 2018, approved the same. The total equity investment by the Investors would aggregate Rs 330 crore in the company.

Soril Holdings and Ventures (formerly Indiabulls Wholesale Services) directly and through its subsidiaries, is primarily engaged in the businesses of real estate development, providing management and maintenance services, construction advisory and other related services, charter business of aircraft, trade in all kinds of sculptures, paintings and art graphics etc.


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