Indiabulls Real Estate Ltd to raise funds through preferential issue to promoters

The members of the Indiabulls Real Estate Ltd will consider to approve the following Special Resolution by way of Postal Ballot:

The company is planning to create, offer, issue and allot upto 1,50,00,000 warrants convertible into 1,50,00,000 equity shares of face value Rs 2 each at a conversion price of Rs 300/- per equity share of the Company, to the following promoters of the Company viz.

i. Mr. Sameer Gehlaut- upto 75,00,000 warrants convertible into 75,00,000 equity shares of the Company.

ii. Mr. Rajiv Rattan - upto 37,50,000 warrants convertible into 37,50,000 equity shares of the Company.

iii. Mr. Saurabh K Mittal - upto 37,50,000 warrants convertible into 37,50,000 equity shares of the Company on preferential allotment basis, at such time or times, in one or more tranches and in such manner as may be decided by the Board in this behalf.

Further, the 1,50,00,000 warrants convertible into 1,50,00,000 equity shares as aforesaid, be allotted to the promoters of the Company on payment of 10% of the exercise price a under:

Name of the Promoter :
Mr. Sameer Gehlaut - 75,00,000 No of Warrants

Mr. Rajiv Rattan - 37,50,000 No of Warrants

Mr. Saurabh K Mittal - 37,50,000 No of Warrants

The requisite number of shares against the warrants so allotted, be issued in favour of the promoters as aforesaid, i) upon receipt of the balance exercise price of Rs 405,00,00,000/- from promoters, as per the details mentioned below, within the stipulated time of 18 months from the date of allotment of the warrants and (ii) surrender of the warrants by the promoters with the Company, within the time period as aforesaid:

Name of the Promoter :

Mr. Sameer Gehlaut - Rs 202,50,00,000/- (Amount to be remitted to the Company)

Mr. Rajiv Rattan - Rs 101,25,00,000/- (Amount to be remitted to the Company)

Mr. Saurabh K Mittal - Rs 101,25,00,000/- (Amount to be remitted to the Company).

Source : Equity Bulls

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