Lots of changes are being witnessed in the realm of real estate in India. Take for instance Indiabulls Real Estate. It has been learnt that the company has sold $600 million qualified institutional placement (QIP) in the course of Tuesday. This does indicate a great success for the first equity issue aimed at riding the better sentiment in the stock markets after the announcement of elections results on 16 May.
It has also come to the knowledge that Indiabulls Real Estate, which is the third largest developer in India, had received total applications worth $2 billion from private equity and hedge funds. They include Farallon, TPG Capital, Och Zoff, Moon Capital and Fidelity. Apart from this it is learnt that the company has placed the QIP at Rs 185 per share, somewhat lower than the ruling market price of the stock. What is the latest figure then? Only on Tuesday Indiabulls stock closed at 199.75 and on this Indiabulls CEO Gagan Banga said, “I can only say that the book has been closed. I would not be able to share the details of the issue at this point of time.”
It is to be noted that on Monday Indiabulls came out with the annunciation of plans to raise funds by means of the QIP route and the issue opened on Tuesday. Morgan Stanley is the advisor to the issue and it expected that Indiabulls will make a formal announcement later this week.
Indiabulls Real Estate Limited with projects covering a total land area in excess of 10000 acres is one of the largest listed real estate companies in India and a leading national player across multiple realty and infrastructure sectors. IBREL projects include High-end Office and Commercial Spaces, Premium Residential Developments, Integrated Townships, Luxury Resorts and Special Economic Zones. IBREL is partners with internationally renowned consultants and construction companies for its developments at various stages of execution.
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