Indiabulls Real Estate announced that its board at its meeting on Thursday approved to launched Qualified institutional placement (QIP) issue from April 7, 2022, and has set the floor price at ₹106.38 per equity share, based on the pricing formula as prescribed under the SEBI ICDR Regulations.
“The issue price will be determined by the company in consultation with the book running lead managers appointed for the Issue. Further, the company may at its discretion offer a discount of not more than 5% on the floor price for the issue,” Indiabulls Real Estate informed in an exchange filing.
The realty firm further informed that a meeting of the committee is scheduled to be held on or after April 12, 2022, inter alia, to consider and approve the issue price, including a discount if any thereto.
In December last year, the property developer’s board had approved a plan to raise funds of up to ₹1,500 crore through one or more QIPs. The fundraising is aimed at augmenting the company’s long-term resources and to maintain sufficient liquidity for meeting funding requirements for business activities, existing and new projects and future business growth, the company had said.
Shares of Indiabulls Real Estate have surged more than 32% in a year’s period whereas the realty stock has declined about 31% in 2022 (year-to-date or YTD) so far. Indiabulls Real Estate, part of the Indiabulls Group, is one of the largest real estate companies in India, with a diversified presence in both commercial and residential real estate.
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