Indiabulls To Raise 500 Million US Dollars

Indiabulls Real Estate today said it will raise 500 million dollars (about Rs 2,231 crore) through issue of shares to Qualified Institutional Buyers.
The company would issue equity shares or fully convertible debentures, partly convertible debentures or optionally convertible bonds, among others to raise 500 million dollars, it said in a filing to the Bombay Stock Exchange.

The proposal was approved by the shareholders in a meeting.

Shares of the company closed at Rs 278.65, down by 3.7% on the BSE.