Shares of Indiabulls Real Estate witnessed a 2% surge after the company’s board approved raising Rs 3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group.
According to the announcement, global investment firm Blackstone will invest Rs 1,235 crore, while the Bengaluru-based Embassy Group will infuse Rs 1,160 crore into the company.
Blackstone will possess 12.4% of the business after the conversion of warrants, leaving the Embassy Group with an anticipated 18.7% ownership stake.
In a regulatory filing on Friday, Indiabulls Real Estate Ltd. (IBREL) informed that the board has approved the fund-raising plan via preferential issue of equity shares and convertible warrants on a private placement basis for cash consideration, totaling approximately Rs 3,910.93 crore.
As of 11:45 am, the shares of Indiabulls Real Estate were trading 2% higher at ₹140.20 on NSE.
