India, Nov. 25 -- Mumbai-based AI startup Mobavenue AI Tech's board has approved plans to raise about INR 100 Cr through a preferential issue of 9.19 Lakh equity shares.

In an exchange filing on November 21 (Friday), the company said that its board approved the issuance and allotment of shares by a preferential issue on a private placement basis to non-promoters of the company at INR 1,088 per share.

Pipal Capital Management, Aman Shivraj Agro Industries, Amit Mishra, and MJ Construction are among the 10 investors who will be allotted the shares.

Following the announcement during market hours on Friday, shares of the company ended 5% higher at INR 993.05 on the BSE. The stock also surged 5% to touch an intraday high of INR 1094.80 on N...