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.