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Last Updated : Jun 23, 2017 10:54 AM IST | Source: Moneycontrol.com

Indiabulls Real Estate up 4% on fund raising plan

Credit Analysis and Research (CARE) has assigned AA- rating to the said securities, which has tenure of 36 months.

 
 
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Shares of Indiabulls Real Estate rose 4 percent intraday Friday as it is going to raise Rs 500 crore via issue of debentures.

"The company is propose to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore, on a private placement basis," as per company release.

Credit Analysis and Research (CARE) has assigned AA- rating to the said securities, which has tenure of 36 months.

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The issue will open on June 28, 2017.

On June 22, IBREL IBL Scheme Trust, of which Indiabulls Real Estate is the sole beneficiary, has sold 3.3 crore shares of the Indiabulls Real Estate, and has realised approximately Rs 662.83 crore at an average price of about Rs 200.85 per share.

The sale proceeds would be used for meeting company's funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its board.

At 10:26 hrs Indiabulls Real Estate was quoting at Rs 194.80, up Rs 3, or 1.56 percent on the BSE.

Posted by Rakesh Patil

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First Published on Jun 23, 2017 10:53 am
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