Shares of Indiabulls Real Estate Ltd. jumped nearly 5% on Monday to the highest in over two years after it approved raising nearly Rs 4,000 crore.
The company's board of directors planned to raise up to Rs 3,910.9 crore in one or more tranches via preferential issue of shares, according to an exchange filing on Friday. Investors for the issue include Utpal Seth, Blackstone, Poonawalla Finance and Quant Mutual fund.
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, to some eligible investors. The issue price includes a premium of Rs 109.51 per share.
Indiabulls' stock rose as much as 4.98% during the day to Rs 144.3 apiece on the NSE. It was trading 0.76% higher at Rs 138.5 per share, compared to a 0.44% advance in the benchmark Nifty 50 as of 9:46 a.m.
The share price has risen 148% in the last 12 months. The total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 68.
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