India, June 10 -- Fintech company Infibeam Avenues has filed a draft letter of offer to raise INR 700 Cr via a rights issue to invest in its subsidiaries Infibeam Projects, AI arm Nueromind Technologies, and Reddif, and pursue acquisitions in the future.

When it materialises, the rights issue would mark one of the largest fundraises for Infibeam till date. While the fintech company netted slightly over $15 Mn in private funding, it raised INR 450 Cr (about $69 Mn) via its IPO in 2016.

The company's board approved the rights issue and a proposal to shift its registered office's domicile to GIFT City, Gandhinagar on May 9.

The filing of the letter of offer comes after Infibeam, last month, reported over 18% YoY increase in its net profit...