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The board of Intellect Design Arena approved raising funds to the tune of ₹500 crore through issuance of securities, including equity and/or other securities convertible into equity shares, including through a qualified institutional placement. The offer could be a public issue and/or private placement and/or preferential allotment in the form of equity/warrants to promoters/others.
The Board took cognisance of the fact that given the capabilities of the company, it is well-poised to further exploit the opportunities presented by the transformational impact of technology on financial institutions.
The board has also approved raising the authorised share capital of the company from ₹75 crore to ₹85 crore. Shares of Intellect Design Arena slumped 3.86 per cent at ₹199.35 on the NSE.
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