Indiabulls Real Estate surges on getting nod to raise funds upto Rs 1500 crore via various modes

Indiabulls Real Estate is currently trading at Rs. 160.25, up by 0.30 points or 0.19% from its previous closing of Rs. 159.95 on the BSE.

The scrip opened at Rs. 161.35 and has touched a high and low of Rs. 161.60 and Rs. 156.45 respectively. So far 346870 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 195.90 on 09-Nov-2021 and a 52 week low of Rs. 70.35 on 24-Dec-2020.

Last one week high and low of the scrip stood at Rs. 165.00 and Rs. 143.70 respectively. The current market cap of the company is Rs. 7170.14 crore.

The promoters holding in the company stood at 6.15%, while Institutions and Non-Institutions held 23.09% and 70.76% respectively.

Indiabulls Real Estate has received approval to raise funds aggregating upto Rs 1500 crore or its equivalent in any other currency (inclusive of such premium as may be fixed), through one or more Qualified Institutions Placement (QIPs) in terms of Chapter VI of SEBI ICDR Regulations and/or any other permissible mode(s), through public and/or private offerings of equity shares and/or any other convertible or exchangeable securities, including GDR and/or ADR and/or FCCB and/or FCEB and/or warrants and/or any other financial instruments/ securities convertible into or linked to equity shares, or any combination thereof, in one or more tranches and/or one or more issuances simultaneously or otherwise, subject to necessary approvals.

The company is planning to raise funds to maintain sufficient liquidity for meeting funding requirements for business activities, existing & new projects & future business growth. The Board of the company at its meeting held on December 22, 2021 has, inter alia, approved the same.

Indiabulls Real Estate is India’s third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.

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