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« Cash Starved Realty Companies Raise Huge Fund through QIP Route | Home | Dubai all Set to Host Indian Property Exhibition »

Indiabulls Plans to Raise 1700cr from Market

Indiabulls Power has fixed a price band of Rs 40-45 per share for its proposed initial public offering through which the company aims to mop up more than Rs 1,700 crore from the market. The price band of the proposed IPO has been fixed between Rs 40-45 per share, the company, the power arm of Indiabulls Real Estate said. The IPO would open for subscription on October 12 and close on October 15. At the upper end on the price band, the company, would mop-up over Rs 1,700 crore and on the lower end it would raise more than Rs 1,500 crore through this IPO.

The total IPO size of the company along with the green shoe option stands at 39.07 crore shares. Of this the IPO would be of 33.98 crore equity shares of Rs 10 each and a green shoe option of up to 5.09 crore equity shares. Morgan Stanley India Company Private Limited is the Book Running Lead Manager to the issue. The proceeds of the IPO would be utilised to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes, the company said.

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