Indiabulls Housing Eyes Up To $602 Mln Fundraising

Indiabulls Housing Finance Ltd. said its board approved raising a maximum of 5,000 crore Indian rupees ($602 million), or its equivalent in US dollar via securities.

The company plans to raise funds via issue of equity shares, or any other convertible or exchangeable securities, including foreign currency convertible bonds, in one or more tranches, the Indian housing financier said in a stock exchange announcement.

Indiabulls Housing will consider a private placement, including a preferential offer, rights issue, or such other methods or combinations as may be decided.

The board’s securities issuance and investment committee will examine and evaluate various options to raise funds, including terms, issue size and timing of the issue, according to the announcement.

The fundraising will be subject to the regulatory and statutory approvals.

Note: $1 = 83.0427 Indian rupees

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