Property developer Indiabulls Real Estate (IREL) will raise Rs 2,322 crore through issuance of warrants to its promoters and directors of the company. The company will use the funds to foray into retail and power sectors.The company will issue 4.30 crore warrants to promoters, convertible into same number of equity shares of Rs 540 after conversion, the company said in a statement to the Bombay Stock Exchange.It will issue 2 crore warrants, aggregating to Rs 1,080 crore after the conversion into equity shares to promoter Sameer Gehlaut, and 1 crore warrants each, amounting to Rs 540 crore after conversion to promoters Rajiv Rattan and Saurabh K Mittal.Indiabulls Real Estate will issue 20 lakh warrants to joint managing director Narendra Gehlaut and 10 lakh to Vipual Bansal, amounting to Rs 162 crore respectively.The company is planning to provide loans of Rs 1,000 crore each to Indiabulls Wholesale Services, which is expected to make a foray into retail and Indiabulls Power Services, which is expected to foary into power generation. The loans would be provided from the funds raised through the issuance of warrants.
