Indiabulls Real Estate raises Rs 865 crore via issue of shares to institutional investors

Indiabulls Real Estate Ltd (IBREL) has raised Rs 865 crore through issue of shares to institutional investors.

The Mumbai-based firm had launched its QIP (Qualified Institutional Placement) issue on March 7 and closed it on April 12.

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In a regulatory filing, IBREL said that the fund raising committee of the board of directors, at its meeting held on April 12, approved the issue and allotment of 8,55,59,435 equity shares to qualified institutional buyers at an issue price of Rs 101.10 per share, aggregating to a little over Rs 865 crore.

Authum Investment and Infrastructure Ltd, Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund, Copthall Mauritius Investment Ltd, Morgan Stanley Asia (Singapore), Societe Generale, and Baillie Gifford Pacific Fund participated in the QIP issue.

The company's shares closed at Rs 108.70 apiece on BSE, down 0.32 per cent over previous close.