Indiabulls Real Estate Allots Warrants to Promoters

Indiabulls Real Estate Ltd has announced that subsequent to receipt of Rs 45,00,00,000/- as upfront subscription money from the Promoters of the Company, the Board of Directors of the Company, at its meeting held on August 09, 2007, has allotted 1,50,00,000 Warrants to the Promoters of the Company, convertible into 1,50,00,000 Equity Shares of face value Rs 2/- each within 18 months from the date of allotment of the Warrants at a conversion price of Rs 300/- per Equity Share.

The stock closed the day at Rs.505.30, down by Rs.13.60 or 2.62%. The stock hit an intraday high of Rs.531 and low of Rs.501.25. The total traded quantity was 635461 compared to 2 week average of 1163668.

Source : Equity Bulls

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