Indiabulls Real Estate to raise Rs 3,911 cr from Blackstone Group, others

Indiabulls Real Estate said its board has approved raising Rs 3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Global investment firm Blackstone will invest Rs 1,235 crore, while the Bengaluru-based Embassy Group will infuse Rs 1,160 crore. After the conversion of the warrants, the Embassy Group will hold 18.7 per cent while Blackstone will own 12.4 per cent. In a regulatory filing on Friday, IBREL (Indiabulls Real Estate Ltd.) informed that the board has approved "fund-raise via preferential issue of equity shares and convertible warrants, on a private placement basis, for cash consideration, aggregating to approx. Rs 3,910.93 crore". The move is aimed at recapitalising its balance sheet and positioning the company for organic and inorganic growth purposes. These include capital expenditure for the completion of existing projects and new launches as well as proposed acquisitions, other working capital requirem

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