Indiabulls Real Estate to Raise $500 Million from Institutional Investors
Indiabulls Real Estate announced today that it plans to secure $500 million (approximately Rs 2,231 crore) through a share issuance to Qualified Institutional Buyers (QIBs). This substantial funding initiative will involve the issuance of various financial instruments, including equity shares, fully convertible debentures, partly convertible debentures, or optionally convertible bonds. The company detailed these plans in a regulatory filing with the Bombay Stock Exchange.
The strategic move to raise capital received the green light from Indiabulls Real Estate's shareholders during a recent meeting. This approval paves the way for the company to proceed with its ambitious fundraising plans.
Following the announcement, the company's shares witnessed a decline, closing at Rs 278.65, a decrease of 3.7% on the Bombay Stock Exchange (BSE).