Indiabulls Real Estate Ltd (IBREL) today said it has issued equity shares worth Rs 292 crore to promoter group companies for conversion of warrants.
IBREL had in July last raised Rs 538 crore by alloting over 8 crore securities, including equity shares and warrants, to promoter group companies.
In a filing to the BSE, Indiabulls Real Estate said that the Board constituted committee has issued and allotted an aggregate of 4,36,00,000 equity shares of face value of Rs 2 each, at Rs 67, to promoter group entities SG Infralands and SG Devbuild upon conversion of equivalent number of warrants held by them.
Promoters had 42.73 per cent stake in the company as on December 31, 2015.
In June 2015, IBREL's board had approved the preferential offer and issue of up to 3.67 crore shares and up to 4.36 crore warrants to the promoter group entities at an issue/conversion price of Rs 67 per share.
In July last year, the company allotted 3.67 crore equity shares and 4.36 crore warrants to these two companies SG Infralands and SG Devbuild.
"The total equity investments by the promoters would amount to Rs 538 crore in the company, post conversion of warrants," it had said.
The fund was raised to augment the long-term resources for meeting funding requirements for its business purposes, and as a reflection of confidence that the promoters have in the future.
