Indiabulls Real Estate raises US$400 million through GDR issue

Indiabulls Real Estate Ltd has announced that the Board of Directors of the Company at its meeting held on July 10, 2007, has allotted 34,883,720 Equity Shares of par value Rs 2 per share as underlying shares representing 34,883,720 Global Depository Receipts (GDRs), each GDR representing 1 (One) Equity Share, priced at US $ 10.32, and aggregating US $ 360 Million.

Further, the Board of Directors of the Company has, at the said Meeting, pursuant to the over allotment option exercised by the sole Underwriter, Merrill Lynch International, also allotted 3,875,968 Equity Shares of par value Rs 2 per share as underlying shares representing 3,875,968 Global Depository Receipts (GDRs), each GDR representing 1 (One) Equity Share, priced at US $ 10.32, and aggregating US $ 40 Million.

Accordingly, the total number of Equity Shares underlying GDRs, allotted as aforesaid, in terms of the Company’s Offering Circular dated July 03,2007 is 38,759,688 priced at US $ 10.32 per GDR and aggregating US $ 400 Million, thus concluding the aforesaid GDR offering of the Company.

The stock was trading at Rs.489.70, up by Rs.21.25 or 4.54%. The stock hit an intraday high of Rs.503.90 and low of Rs.462. The total traded quantity was 1665567 compared to 2 week average of 2179155.

Source : Equity Bulls

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