INDIABULLS REAL ESTATE'S $ 400 MN GDR CONCLUDES

Indiabulls Real Estate has recently concluded its $ 400 million Global Depository Receipts (GDR) offering with the allotment of over 3.87 crore equity shares. The board of directors allotted 3,48,83,720 equity shares of Rs 2 each as underlying shares representing equal number of GDRs. Pursuant to the over allotment option exercised by the sole underwriter Merrill Lynch International, the company issued 38,75,968 equity shares. Each GDR of $ 10.32 represents one equity share. Accordingly, the total number of equity shares alloted underlying the GDRs amounted to 3,87,59,688 thus concluding the aforesaid GDR offering of the company. Merrill Lynch was the sole book runner for the offering, which is understood to be the first fund raising by any Indian developer in the international market. Earlier in May, the shareholders of the company had approved a special resolution authorising the board to raise $ 600 million through international offerings, including GDRs, American Depository Receipts and Foreign Currency Convertible Bonds. Shares of Indiabulls Real Estate were trading at Rs 474.90, up 1.38 per cent on the BSE.