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Financial technology firm Intellect Design Arena has received the markets regulator SEBI's approval to raise up to Rs 200 crore through a rights issue.
The company had filed draft papers with the Securities and Exchange Board of India (SEBI) in January. It had obtained 'observations’ from the regulator on April 13, which is necessary for any company to launch a public offer.
Going by the draft papers, Intellect Design Arena plans to garner up to Rs 200 crore through the rights issue.
In a rights issue, shares are issued to existing shareholders as per their holding at a pre-determined price and ratio.
Proceeds of the issue will be utilised towards developing new products or upgrading and updating existing products, repayment of working capital loans and general corporate purposes.
Intellect Design Arena is a leading firm in financial technology for banking, insurance and other financial services.
Spark Capital Advisors (India) Pvt Ltd is the sole book-running lead manager for the offer.
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