New Delhi, Aug. 28 -- Indiabulls Ventures Ltd on Friday said that it will raise Rs588 crore (or $80 million) through a preferential share sale to a clutch of investors led by American fintech investor Ribbit Capital.

Indiabulls Ventures will issue 33.6 million shares, representing about 5.5% shareholding, to six investors including units of Ribbit Capital and NWI Management at Rs.175 apiece (19% discount to Friday's closing) to raise a total Rs.588 crore ($80 million), according to a stock exchange filing.

Inteligo Bank, First Royalty Ventures, TIMF Holdings and Think India Opportunities Master Fund are the other investors buying shares in the preferential issue.

Rabbit Capital will be offered 10.5 million shares and NWI Management wil...