Indiabulls Real Estate raises Rs 3,911 crore through preferential allotment

Realty developer Indiabulls Real Estate has secured over Rs 3,911 crore through a preferential allotment from a diverse group of investors, including Embassy Group, Baillie Gifford & Co, Blackstone Real Estate Fund, Quant Active Fund, Poonawalla Finance, Micro Labs, Maybank, Utpal Sheth, Capri Global, Yash Shares & Stock, Aalidhra, among others.

The floor price for this issue has been set at Rs 111.51 per share, in accordance with SEBI guidelines. The valuation was conducted by one of the Big 4 firms.

Embassy Group will invest Rs 10 crore in equity shares and an additional Rs 1,150 crore in warrants. Meanwhile, Blackstone Real Estate Fund is set to invest Rs 375 crore in equity shares and Rs 860 crore in warrants.

Baillie Gifford & Co has committed to investing Rs 209 crore in equity shares of Indiabulls Real Estate.

Additionally, the company plans to acquire 100% of an entity that owns a project comprising 31 acres and 93 villas in North Bengaluru for Rs 466 crore, and 100% of another entity developing a 1.4 million sq ft high-rise project in Chennai for Rs 120 crore.

It will also secure 100% ownership of an entity holding a 68% joint development share in a half-million sq ft project in Whitefield, Bengaluru, for Rs 117 crore.