OMAXE PAYS BACK RS 201 CRORE TO INDIABULLS

Cash-strapped realty company, Omaxe has managed to pay Indiabulls Financial Services Rs 21 crore in December 2008. With this payment, Omaxe has been able to pay Rs 201 crore against the total loan of Rs 300 crore it took from the latter in December 2007. The company had pledged 2.5 crore of its shares, translating into 14.44% equity stake, to Indiabulls in December 2007. The loan was repayable over a three-year period, with Omaxe having the option of repaying within six months also.

GOLDMAN SACHS BUYS A RS 30 CRORE STAKE IN INDIABULLS REAL ESTATE

Foreign fund Goldman Sachs Investments Mauritius (India) has bought shares worth Rs 30.84 crore in Indiabulls Real Estate through open market transactions. As per the information on bulk deals available on the National Stock Exchange, Goldman Sachs Investments Mauritius bought 20.89 lakh shares at Rs 147.64 per piece aggregating to Rs 30.84 crore.

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.