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Indiabulls Real Estate told the media that it has raised $114 million or over Rs 871 crore capital via Qualified Institutional Placement (QIP). The Qualified Institutional Placement was completed at Rs 101.10 per equity. Trading of these shares will start on April 18 on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). The board of the fundraising committee sanctioned the issuance and allotment of 85,559,435 new equity shares via QIP. The company told the media that the placement issue price of Rs 101.10 per equity share denotes a discount of 4.96% to the applicable floor price of Rs 106.38 per equity share. The company said that the fundraising resulted in an overall 15.8% dilution for the existing shareholders. On April 7, Indiabulls launched the QIP. Almost 50% of the demand came from new investors, and more than 70% of the book was allocated to long-only investors. President Sachin Shah told the media that this capital would play a significant role in supporting our overall growth and will provide us opportunities to quickly scale in the near term. We have drafted a clear plan of execution, which these funds will assist deliver. The company has proposed to maintain sufficient liquidity and utilise the net proceeds for different purposes, including but not limited to capital expenditure such as land acquisition, development rights, or land development rights. Repayment, Long-term working capital, refinancing, and pre-payment of borrowings of the firms and their subsidiaries are also on the agenda. Jefferies India, JM Financial, Axis Capital, IIFL Securities, and SBI Capital Markets were the joint book-running managers for the offering. Image Source