Indiabulls Real Estate Limited, announced that it has successfully completed a capital raise of ₹8.65 billion (US$ 114 million) at ₹101.10 per equity share through Qualified Institutional Placement. Trading of these shares will commence today ie April 18, 2022, on NSE and BSE.
The fund-raising committee of the Board of Directors of the Company approved the issuance and allotment of 85,559,435 new equity shares through this Institutional Placement. The Placement issue price of ₹101.10 per equity share represents a discount of 4.96% to the applicable floor price of ₹106.38 per equity share calculated in accordance with applicable SEBI regulations. The fund raise resulted in an overall 15.8% dilution for current shareholders, the statement said.
The Institutional Placement was launched on April 7, 2022 and witnessed strong response from both existing as well as new institutional investors including global and domestic funds, with nearly ~50% of the demand from new investors and 70%+ of the book allocated to long only investors, according to the company’s statement.
K. G. Krishnamurthy, Non-Executive Chairman & Independent Director said, “We are happy to have successfully concluded the placement. We appreciate the ongoing confidence and support of the investment community amid ongoing geo-political headwinds and turbulent markets.”
Sachin Shah, President acknowledged, “We appreciate the support we received from our existing investors as well as many new domestic and global institutional investors. This capital will play an important role in supporting our overall growth and will provide us opportunities to rapidly scale in the near term. We have outlined a clear plan on execution, which these funds will help deliver.”
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