Indiabulls Real Estate EGM approves fund raising proposal

Indiabulls Real Estate Ltd has announced that the Members at the Extra Ordinary General Meeting (EGM) of the Company held on May 18, 2009, inter alia, have accorded their consent, by passing a Special Resolution under Section 81(1A) of the Companies Act, 1956, to issue and allot, in one or more tranches, Equity Shares or Fully Convertible Debentures (FCDs) / Partly Convertible Debentures (PCDs) / Optionally Convertible Debentures (OCDs) or any other securities, which are convertible into or exchangeable with the Equity Shares of the Company [hereinafter together with Equity Shares referred to as 'Specified Securities' within the meaning of Chapter XIII-A 'Guidelines for Qualified Institutions Placement' of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, as amended from time to time, ("SEBI Guidelines")] or any combination of Specified Securities as may be decided by the Board of Directors of the Company (hereinafter referred to as the "Board" which term shall be deemed to include any committee thereof, constituted for the purpose), for an amount up to USD 600 million (United States Dollars Six Hundred Million only) or its Indian Rupee equivalent, inclusive of such premium, as may be finalized by the Board, to Qualified Institutional Buyers pursuant to a Qualified Institutions Placement, as provided under the SEBI Guidelines, at such price being not less than the price determined in accordance with the pricing formula of the aforementioned SEBI Guidelines, and such issue and allotment to be made on such terms and conditions as may be decided by the Board at the time of issue or allotment of the Specified Securities.

The stock was trading at Rs.205, up by Rs.57 or 38.51%. The stock hit an intraday high of Rs.205 and low of Rs.165.

The total traded quantity was 83798 compared to 2 week average of 6362168.

Source : Equity Bulls

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