Indiabulls Real Estate Limited on Monday announced that the company had completed a capital raise of Rs 865 crore ($ 114 million) at Rs 101.1 per equity share through Qualified Institutional Placement (QIP). Trading of these shares will commence today, i.e. April 18, 2022, on NSE and BSE.

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The fund-raising committee of the company board approved the issuance and allotment of 85,559,435 new equity shares through this Institutional Placement. The placement issue price of Rs 101.1 represents a discount of 4.96 per cent to the applicable floor price of Rs 106.38 per equity share. The fundraising resulted in an overall 15.8 per cent dilution for current shareholders.

“The Institutional Placement was launched on April 7, 2022, and witnessed strong response from both existing as well as new institutional investors, including global and domestic funds, with nearly ~50% of the demand from new investors and 70%+ of the book allocated to long-only investors,” Indiabulls Real Estate informed in an exchange filing.

The company said it proposes to maintain sufficient liquidity and use the net proceeds for various purposes, including but not limited to capital expenditure (including the acquisition of land, land development rights or development rights), long-term working capital, refinancing/repayment/pre-payment of the borrowings of the company and its subsidiaries and general corporate purposes.

Axis Capital Limited, Jefferies India Private Limited, JM Financial Limited, SBI Capital Markets Limited and IIFL Securities Limited served as Joint Bookrunning Lead Managers for the offering.