Indiabulls Real Estate to raise Rs 5,500 cr
Indiabulls Real Estate, the realty arm of Indiabulls Group, on Tuesday received shareholders' nod to raise up to Rs 5,500 crore from domestic and overseas markets.
By PTI |
MUMBAI: Indiabulls Real Estate, the realty arm of Indiabulls Group, on Tuesday received shareholders' nod to raise up to Rs 5,500 crore from domestic and overseas markets.
The fund-raising would be through a variety of measures, including issuing warrants to promoters, overseas listing through ADRs or GDRs, besides international borrowings, Indiabulls Real Estate informed the Bombay Stock Exchange.
According to a special resolution approved by shareholders, the board of Directors has been authorsied to issue warrants to promoters for raising up to Rs 450 crore.
The promoters - Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal, who together control 30.68 per cent, would be allotted 1.50 crore warrants. These warrants can be converted to an equivalent number of shares at a price of Rs 300 each.
Shareholders also gave their nod to another resolution, whereby the Board would issue shares through international offerings in the shape of Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or Foreign Currency Convertible Bonds (FCCBs) for a value up to 600 million dollars (over Rs 2,500 crore).
Further, the Board has been authorised to issue specified securities to institutional buyers by way of a qualified institutional placement, for up to Rs 2600 crore.
The company is currently executing projects valued at nearly 5 billion dollars. These include high-end office and commercial spaces, premium residential complexes and Special Economic Zones, covering a land area in excess of 7,730 acres.
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