Indiabulls Real Estate announced that its board in its meeting on Thursday has approved issuance of Qualified Institutional Placement (QIP) with effect from April 7, 2022 and fixed a minimum price. 106.38 per equity share, based on the pricing formula prescribed under SEBI ICDR Regulations.
The issue price will be decided by the Company in consultation with the Book Running Lead Managers appointed for the issue. Further, the Company may, at its sole discretion, allow a discount of 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 to, inter alia, consider and approve the issue price, including the exemption.
In December last year, the property developer’s board had approved a plan to raise funds up to 1,500 crore through one or more QIPs. The company had said that the objective of fundraising is to augment the company’s long-term resources and maintain sufficient liquidity to meet funding requirements for business activities, existing and new projects and future business development.
Shares of Indiabulls Real Estate have gained over 32% in the one-year period, while the realty stock has declined nearly 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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