Indiabulls Real Estate to seek approval for issue of securities

Indiabulls Real Estate Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2009, inter alia, has decided to obtain the approval of the Members under Section 81(1A) of the Companies Act, 1956 to issue Equity Shares or Fully Convertible Debentures / Partly Convertible Debentures / Optionally Convertible Debentures or any other securities (other than warrants) convertible into or exchangeable with the Equity Shares of the Company, within the meaning of Chapter XIII-A of SEBI (Disclosure and Investor Protection) Guidelines, 2000, as amended up to date, for Qualified Institutions Placement for an amount up to USD 600 million or its Indian Rupee equivalent, to Qualified Institutions Buyers (QIBs).

Further the Company has informed that, it was also decided at the said Board Meeting that in order to obtain the consent of the Members for the aforesaid matter, an Extraordinary General Meeting of the Members of the Company be convened on May 18, 2009.

The stock closed the day at Rs.147.55, up by Rs.2 or 1.37%. The stock hit an intraday high of Rs.151 and low of Rs.141.70.

The total traded quantity was 4752723 compared to 2 week average of 3662019.

Source : Equity Bulls

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