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« Unitech Plans to Raise Long-Term Funds | Home | Signs of Revival for Real Estate India »

Indiabulls Real Estate Offers to Sell 97.9 Million Shares to Investors

Indiabulls Real Estate Ltd., India’s third biggest developer, is offering to sell 97.9 million shares to investors at 185 rupees apiece, a person familiar with the share sale said. The company will be able to raise 18.11 billion rupees ($378 million) if it sells the shares. Indiabulls Real Estate rose 28 percent today to 189.55 rupees in Mumbai trading.

The real estate company’s shareholders approved a plan today to raise as much as $600 million selling securities to fund the expansion of projects or acquisitions. Morgan Stanley is helping the company sell the shares globally. Indiabulls’ group spokesman, Gagan Banga, didn’t respond to calls made to his cellphone. Morgan Stanley’s Hong Kong-based spokesman Nick Footitt declined to comment.

News Published Under:   Mumbai, Real Estate Developers | No Comments »

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