Indiabulls Real Estate Ltd on Monday announced that the company has completed its capital raising 865 crores ($114 million) 101.1 per equity share through Qualified Institutional Placement (QIP). Trading of these shares will start from today i.e. 18th April 2022 on NSE and BSE.
The Fund Raising Committee of the Board of the Company has approved the issuance and allotment of 85,559,435 fresh equity shares through this Institutional Placement. Placement issue price of Represents a discount of 4.96% on the applicable minimum price of 101.1 106.38 per equity share. The fund-raising resulted in an overall dilution of 15.8% for existing shareholders.
“The Institutional Placement was launched on 7th April, 2022 and witnessed a strong response from both existing as well as new institutional investors including global and domestic funds, with around ~50% demand from new investors and 70%+ of the allocated book . Long-term only investors,” Indiabulls Real Estate informed in an exchange filing.
The company said it proposes to maintain adequate liquidity and utilize the net proceeds for various purposes, including capital expenditure (including land acquisition, land development rights or development rights), long-term working capital, refinance/repayment/priority is not limited. – Payment of debts of the Company and/or its subsidiaries and for general corporate purposes.
Axis Capital Limited, Jefferies India Private Limited, JM Financial Limited, SBI Capital Markets Limited and IIFL Securities Limited acted as Joint Bookrunning Lead Managers for the offering.