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Intellect Design Arena Ltd will raise up to ₹300 crore through issue of equity shares to company’s existing shareholders on Rights Issue.
The company’s shareholders approved raising of funds in June.
The terms and conditions, including the timing of issue, quantum of offer, issue price, rights entitlement ratio, record date and other matters, will be decided in consultation with the Lead Manager to the Rights Issue. This will take 3-4 weeks, said a company official.
The Chennai-based company, a specialist in applying digital technologies across banking and insurance, reported a net loss of ₹11 crore for the quarter ended September 30, 2016 as against ₹7 crore in the same quarter last year.
This was mainly due to increased spending on software delivery and selling and marketing.
Revenue was up 12 per cent to ₹231 crore (₹206 crore).
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