Indiabulls Housing to raise up to $1 bn via private placement

Indiabulls Housing Finance plans to raise up to USD 1 billion (about Rs 6,674 crore) through private placement of shares to institutional investors to meet its capital adequacy requirements and funding needs.
The company on September 8 had launched the QIP (qualified institutional placement) issue, with a floor price fixed at Rs 738.64 per share.
The issue has not closed yet, company sources said today.
The company may offer a discount of not more than 5 per cent on the floor price, they added.
The stock closed at Rs 723.75 on BSE on Tuesday.
Besides, the proceeds of the funds will also be used to meet company's general corporate purposes, investment of funds in interest or dividend bearing instruments and securities, including deposits with banks and investment in mutual funds, according to the company's filing to BSE.

The board of directors had approved the QIP in April and passed a special resolution by shareholders on September 7, 2015.
As per the data available on BSE, promoters held 27.81 per cent stake in Indiabulls Housing Finance as of the quarter ended June 2015.
The stock today closed at Rs 715.55 on BSE, down 1.13 per cent.