Intellect Design Arena will issue five rights equity shares for every 22 shares held by existing shareholders in the proposed rights offer.
The Chennai-based digital product solutions provider plans to raise ₹199 crore from existing shareholders through a rights issue.
The board has fixed the rights issue price at ₹86 (face value of ₹5), says a company announcement to the BSE.
Intellect Design was demerged from Polaris Financial Technology. It provides solutions for banking, financial services and insurance industries. For year ended March 31, the company reported a 13 per cent growth in revenue to ₹914 crore as against ₹811 crore in the previous year.