Indiabulls Real Estate Ltd. will raise up to Rs 3,910.93 crore via preferential issue of shares and convertible warrants on a private placement basis through multiple tranches.
The company's board of directors on Friday approved the fundraise to recapitalise the balance sheet, position the company for growth and for other working capital requirements.
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The company, in an exchange filing, said it plans to issue over 9.13 crore shares and 2.59 crore warrants that are convertible into equity shares, with a face value of Rs 2 each at an exercise price of Rs 1,11.51 to some eligible investors. The issue price includes a premium of Rs 109.51 per share.
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Eligible investors include entities of Embassy Group, Baillie Gifford, entities controlled by funds managed by affiliates of Blackstone Inc., funds managed by Quant Money Managers, and Poonawalla Finance, among others.
The fundraise is subject to approval from shareholders and other approvals.
Indiabulls Real Estate said its key management personnel and senior management personnel have agreed to the preferential issue and will infuse over Rs 63.56 crore in the company.
The company's stock closed 1.40% higher at Rs 137.45 apiece, as compared with a flat Nifty 50.
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