New Delhi: Indiabulls Real Estate has approved a plan to raise up to Rs 1,500 crore to increase the company's long-term resources and maintain sufficient liquidity to meet funding requirements for business activities, new and existing projects, and future business growth, the company said in an EEB presentation.
The Board of Directors of the Company has approved the raising of funds, up to Rs 1,500 crore through one or more institutions eligible for placement and/or other permitted status, as per ICDR and other applicable regulations, through public and/or private organizations. Offers of capital stock and/or any other convertible or exchangeable securities, including GDRs, American Certificates of Deposit, foreign currency convertible bonds, foreign currency exchangeable bonds, and/or guarantees with or without Non-transferable obligations with rights exercised by the holders of the guarantees to exchange the said guarantees for equity shares and/or any other transferable financial instrument/securities or linked to equity shares, or any combination thereof, in one or more tranches and/or one or more of emissions simultaneously or otherwise, as stated in the regulatory file.
The Company will seek the necessary approval from its shareholders in due course.
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