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FE Home- Real Estate - Story

Indiabulls Real Estate raises Rs 2,656 cr via QIP

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Posted: Wednesday, May 20, 2009 at 1140 hrs IST
Updated: Wednesday, May 20, 2009 at 1140 hrs IST

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Mumbai: Indiabulls Real Estate said it has raised Rs 2,656.50 crore through issue of shares on institutional placement basis at a price of Rs 185 per share.

In a filing to the Bombay Stock Exchange, the realty firm said that it has raised Rs 2,656.50 crore through issuing 14.36 crore equity shares at Rs 185 each.

Shares of Indiabulls Real Estate surged over 8.13 per cent in early trade and witnessed an intra-day high of Rs 216, even as the broader market was trading in the negative territory. The scrip was later trading at Rs 215.50, up 7.88 per cent on the BSE.

Earlier this week, the company had said that it would raise 600 million dollars (nearly Rs 2,876.3 crore) through placement of shares to qualified institutional buyers.

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