Indiabulls Real Estate raises Rs26.56bn

Indiabulls Real Estate Ltd. announced that the authorised Committee of the Board of Directors decided to close the bid period for the Qualified Institutions Placement (QIP), and approved the issuance of up to 14,35,94,593 Equity Shares at a price of Rs 185 apiece aggregating to Rs26.56bn. The issue price was 6% lower than May 18 price of Rs197.50, when the Sensex soared by over 2,111 points. The issue price is 60% higher than the company's six-month average price of Rs115.66. The company has further announced that the floor price in respect of the QIP is Rs141.32 per share and the Relevant Date for this purpose is May 18. Indiabulls Real Estate opened its US$600mn QIP issue on May 18, and received subscription worth US$2bn (Rs94bn). Among the investors that picked up Indiabulls Real Estate shares in the QIP include private equity and hedge funds like Farallon, TPG Capital, Och Zoff, Moon Capital and Fidelity.