Indiabulls Real Estate approves plan to raise up to Rs 1,500 cr

MUMBAI: Indiabulls Real Estate has approved the plan to raise up to Rs 1,500 crore to augment its long-term resources and to maintain sufficient liquidity to meet funding requirements for business activities, and to support future business growth.

The company will be raising this capital through one or more Qualified Institutions Placement (QIP) and/or any other permissible mode including global depository receipts or American depository receipts, Foreign Currency Convertible Bonds, and/or Foreign Currency Exchangeable Bonds and/or warrants with or without non-convertible debentures with the rights.

The company will seek the requisite approval for the same from its shareholders in due course, the developer said in a regulatory filing.