Indiabulls Real Estate is seeking shareholders’ approval to raise a total of Rs 538 crore from promoters, including convertible warrants worth Rs 290 crore.
Recently, the company’s board approved 3.67 crore equity shares and 4.36 crore convertible warrants. The move is part of effort for augmenting ‘the long-term resources of the company for meeting funding requirements for its business purposes’ and also reflects the confidence that the promoters have.
Indiabulls Real Estate is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of the company is construction and development of properties, project management, investment advisory and construction services.
