| Log in

Indiabulls Real Estate Sells $550 Mln In Shares

19 May, 2009

Indiabulls Real Estate Ltd has raised $550 million by selling shares at 185 rupees each, two sources involved in the deal said on Tuesday. It was the second such Indian offering in a month, marking interest for Indian equities.

The company, which opened the up to $600 million issue on Monday, got subscriptions worth $2 billion on the same day, a company source and a banking official said. It plans to use the funds for projects and acquiring new businesses.

“There was overwhelming response. We mopped it up quicker than anticipated,” the banking source, who declined to be named, said. Private equity firm TPG Capital and Fidelity were among the investors, the sources said.

Morgan Stanley was the lead manager for the offer.

The successful closure follows rival Unitech’s $325 million share sale last month. The founders of leading listed real estate firm DLF sold shares for $783 million last week.

Equity market activity in India is picking up after a 15-month drought. Indian IPO volumes tumbled after the first quarter of 2008 with initial share sales at just $10 million over the last two quarters, Thomson Reuters data showed.


Leave Your Comment
Developers Line Up For IPOs As Market Rallies

Developers Line Up For IPOs As Market Rallies

Reuters 8 years ago
Emaar MGF will return to the market with an $830 million initial public offering...
India Reliance Cap May Sell Stake In Insurance Unit

India Reliance Cap May Sell Stake In Insurance Unit

Reuters 9 years ago
Reliance Capital plans to sell between 10 and 26 percent of its life insurance...
Sameer Gehlaut to pump in $85M to hike stake in Indiabulls Real Estate to over 38%

Sameer Gehlaut to pump in $85M to hike stake in Indiabulls Real Estate to over 38%

Swet Sarika 2 years ago
Indiabulls Real Estate Ltd has approved an equity infusion of Rs 538 crore ($84...
No Comments

Indiabulls Real Estate Sells $550 Mln In Shares

Powered by WordPress.com VIP