Intellect Design Arena Ltd.

Intellect Design Arena has received an approval from markets regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 200 crore through rights issue. The proceeds of the issue will be utilized towards developing new products or upgrading and updating existing products, repayment of working capital loans and general corporate purposes.

The company had filed draft papers with the SEBI in January. It had obtained observations from the regulator on April 13, which is necessary for any company to launch a public offer.

Intellect Design Arena is a leading firm in financial technology for banking, insurance and other financial services.