Indiabulls Real Estate to issue 143594593 shares at Rs 185

Indiabulls Real Estate Ltd has announced that in respect of issue of Equity shares of face value Rs 2 each in the Company ("Equity Share") to QIBs under Qualified Institutions Placement in terms of Chapter XIII-A of SEBI Guidelines, up to an amount of USD 600 million (United States Dollars Six Hundred million) or its Indian Rupee equivalent, the duly authorised Committee of the Board of Directors of the Company at its meeting held on May 19, 2009, decided to close the bid period, and approved the issuance of up to 14,35,94,593 Equity Shares at a price of Rs 185 per Equity Share (including a premium of Rs 183 per Equity Share), aggregating to Rs 2656,49,99,705 (Rupees Two Thousand Six Hundred Fifty Six Crore Forty Nine Lac Ninety Nine Thousand Seven Hundred and Five only).

The Company has further announced that the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Clause 13A.3.1 of Chapter XIII-A of SEBI Guidelines is Rs 141.32 per Equity Share, and the Relevant Date for this purpose, in terms of Clause 13A.3.1(a) of Chapter XIII-A of SEBI Guidelines, is May 18, 2009.

The stock was trading at Rs.212.95, up by Rs.13.20 or 6.61%. The stock hit an intraday high of Rs.220.95 and low of Rs.200.90.

The total traded quantity was 4578914 compared to 2 week average of 6167614.

Source : Equity Bulls

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