Mobavenue AI Tech board approves Rs 100 crore fundraise via equity deal

New Delhi, Nov 21 (PTI) Online marketing technology firm Mobavenue AI Tech has received approval of the board to raise around Rs 100 crore from 10 entities, including individual investors, on a private placement basis, a company filing said on Friday.

The board of Mobavenue AI Tech has approved allocation of over 9.19 lakh shares to 10 entities at a price of Rs 1,088 apiece by way of preferential issue on a private placement basis subject to approval of the shareholders, the company filing said.

"Board of Directors of the Company, at its meeting held today...considered and approved...issue of equity shares on preferential basis Issue, offer and allot up to 9,19,117 equity shares of face value of Rs 10 each...at a price of Rs. 1,088...aggregating to Rs 99,99,99,296...by way of a preferential issue on a private placement basis, subject to approval of the shareholders of the Company," the filing said.

The investors include Amit Mishra, Pipal Capital Management Private Limited, Vinay Nagda, Aman Shivraj Agro Industries Private Limited, AV Holdings, M J Construction etc.

The company plans to use around 75 per cent of the fund for strategic acquisition and investments, around 15 per cent for growth expansion and technological advancements and balance for general corporate purposes, according to the filing. PTI PRS PRS MR MR