Intellect Design Arena Ltd.

Intellect Design Arena is planning to raise up to Rs 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.

The Chennai-based company, a specialist in applying digital technologies across banking and insurance, reported a net loss of Rs 11 crore for the quarter ended September 30, 2016 as against Rs 7 crore in the same quarter last year. This was mainly due to increased spending on software delivery and selling and marketing.