Indiabulls Real Estate’s board of directors approved the launch of a Qualified institutional placement (QIP) issue on April 7, 2022, with a floor price of ₹106.38 per equity share, based on the pricing formula stipulated by 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 real estate firm further stated that a committee meeting would be conducted on or after April 12, 2022, to examine and approve the issue price, including any applicable discount.
The property developer’s board of directors approved a strategy to collect money of up to Rs 1,500 crore through one or more QIPs in December of last year.
According to the company, the fundraiser is intended to supplement the company’s long-term resources and retain sufficient liquidity for meeting financial requirements for business activities, existing and new projects, and future business growth.
Indiabulls Real Estate’s stock has risen more than 32% in a year, but the real estate stock has fallen nearly 31% in 2022 (year-to-date or YTD).
Indiabulls Real Estate, a subsidiary of the Indiabulls Group, is one of India’s major real estate companies with a diverse commercial and residential properties portfolio.
