Indiabulls Real Estate soars nearly 7 pc on fund raising plans

Shares of Indiabulls Real Estate

soared nearly 7 per cent today as the company is planning to

raise up to Rs 500 crore through the issue of non-convertible

debentures on private placement basis.

The stock jumped 6.60 per cent to close at Rs 204.45 on

BSE. During the day, it surged 7.84 per cent to Rs 206.85.

On NSE, shares of the company gained 6.48 per cent to end

at Rs 204.45.

On the volume front, 63.35 lakh shares of the company

were traded on BSE and over 5 crore shares changed hands on

NSE during the day.

"The company proposes to issue secured, redeemable, non-

convertible debentures of face value Rs 10 lakh each

aggregating Rs 500 crore, on a private placement basis...,"

the Mumbai-based developer said in a regulatory filing.

Its shareholders had approved this proposal through a

special resolution passed at annual general meeting held in

September last year.

The promoters had yesterday sold 3.3 crore shares of the

company for about Rs 662.83 crore through open market

transactions.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)