 "Indiabulls Housing Finance gains on raising Rs 3,997 crore through QIP")
Shares of Indiabulls Housing Finance were trading higher by 4% to Rs 756 after the company announced that it successfully raised Rs 3,997 crore by allotting 56.93 million shares to qualified institutional buyers (QIBs). The company issued shares at price of Rs 702 per share.
The proceeds from the issue will be used to fulfill the capital adequacy requirements and funding needs of the company.
The proceeds from the issue will be used to fulfill the capital adequacy requirements and funding needs of the company.
Besides, the proceeds will also be used to meet company's general corporate purposes, investment of funds in interest or dividend bearing instruments and securities, including deposits with banks and investment in mutual funds.
Company's board had approved to raise up to Rs 6,674 crore (equivalent to $1 billion) through a qualified institutions placement (QIP) to QIBs.
The stock opened at Rs 733 and touched high of Rs 762 on the BSE. A combined 967,515 shares changed hands on the counter on the BSE and NSE till 12:21 PM.
Company's board had approved to raise up to Rs 6,674 crore (equivalent to $1 billion) through a qualified institutions placement (QIP) to QIBs.
The stock opened at Rs 733 and touched high of Rs 762 on the BSE. A combined 967,515 shares changed hands on the counter on the BSE and NSE till 12:21 PM.