| Indiabulls Real Estate raises $400mn via GDRs |
| BS Reporter / Mumbai July 4, 2007 |
| Indiabulls Real Estate (IREL), Delhi-headquartered property developer, has raised $400 million selling global depository receipts (GDRs), just over three-months after it was separated from parent Indiabulls Financial Services. The GDRs were priced at $10.32 apiece (nearly Rs 412), a discount of Rs 41 (about 9%) a share compared to the prevailing share price of Rs 452.95 on the Bombay Stock Exchange today. The money raised by IREL includes $40 million from an over-allotment option as demand outstripped supply. In May, group company Indiabulls Financial Services raised $275 million through a GDR issue. Merrill Lynch & Co was the sole book-runner for the GDR. The fundraising by Indiabulls Real Estate comes at a time when a slew of Indian real-estate developers are tapping the domestic and overseas markets to develop projects in world |
