Indiabulls Real Estate board allots over 8.55 crore equity shares under QIP; Stock gains 1.5%

13 Apr 2022 , 09:16 AM

The Fund Raising Committee of the Board of Directors of Indiabulls Real Estate Limited at its meeting held on April 12, 2022 has approved the closure of Qualified institutions placement on April 12, 2022 pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue.

The committee determined and approved the allocation of 8,55,59,435 Equity Shares at an Issue price of Rs101.10 per Equity Share (including a premium of Rs99.10 per Equity Share), which is at a discount of Rs5.28 per Equity Share i.e. 4.96% to the floor price of Rs106.38 per Equity Share, for the Equity Shares to be allotted to the eligible qualified institutional buyers in the Issue.

Further, the board approved and finalised the confirmation of allocation note to be sent to eligible qualified institutional buyers, intimating them of the allocation of Equity Shares pursuant to the Issue; and refund intimation letter, to be sent to the bidders who are entitled to receive the refund amount, if any and approved and adopted the placement document dated April 12, 2022.

On Wednesday early morning trade, Indiabulls Real Estate was trading at Rs110.65 per piece higher by 1.47% on Sensex.