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Indiabulls Raises $400 mn through GDR Issue

Indiabulls Real Estate sold out global depository receipts (GDRs) to raise $400 million. The move came after it separated from its parent company, Indiabulls Financial Services.

The GDRs were priced at $10.32 a share, a discount of Rs 41 a share if compared with the share price of Rs 452.96 on Bombay Stock Exchange.

The money raised by the company comprises $40 million from an over allotment option as supply is unable to stay in step with the ongoing demand. In May, its parent company raised $275 million through a GDR issue.

Indiabulls Real Estate raised the fund when Indian property developers are actually looking forward to tap overseas market to garner funds to develop real estate projects in India.

A number of prominent builders including Hiranandanis Hirco, Unitech, and West Pioneer Developers have tapped Alternative Investment Market (AIM).

DLF, a renowned name in Indian property market, raised Rs 9,190 crore through an initial share sale. HDIL raised Rs 500-odd crore and another developer Omaxe is likely to hit the markets in near future.

Builders are running short of funds to cater a continuous surge in demand for residential and commercial property in India.

Indiabulls Real Estates have some significant construction projects in its pipeline. It includes a residential property project in Chennai and in Mumbai. The company is also working on two commercial projects in Mumbai.

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