Indiabulls Real Estate has approved the plan to raise up to Rs 1,500 crore to augment the long-term resources of the company and to maintain sufficient liquidity for meeting funding requirements for business activities, existing and new projects and future business growth, the company said in a BSE filing.
The board of directors of the company has approved raising of funds, aggregating upto Rs 1,500 crore through one or more Qualified Institutions Placement and/or any other permissible mode, in accordance with the ICDR Regulations and other applicable regulations, through public and/or private offerings of equity shares and/or any other convertible or exchangeable securities, including Global Depository Receipts, and/or American Depository Receipts and/or Foreign Currency Convertible Bonds, and/or Foreign Currency Exchangeable Bonds and/or warrants with or without non-convertible debentures with the rights exercisable by the warrant holders to exchange such warrants with equity shares 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, it said in the regulatory filing.
The company would seek the requisite approval from its shareholders in due course.