Main
Indiabulls Real Estate head Gehlaut to invest Rs 538 cr
According to reports appearing in the media, Indiabulls Real Estate will raise the money through a preferential allotment of 5 per cent equity shares and 5 per cent warrants at a price of Rs.67 per share to Gehlaut. The funds will be used to pare the company’s debt of Rs.5,480crore.
The investment is Gehlaut’s first significant infusion of equity into the group after the reorganisation. Gehlaut now controls the home finance, real estate, securities and wholesale trading business segments of the group. Rajiv Rattan and Saurabh Mittal, the other two co-founders, head the power business.
“The equity infusion into IBREL (Indiabulls Real Estate) is for growth capital and to front load the debt reduction from the second quarter itself,” Gehlaut, also the chairman of Indiabulls Real Estate, was quoted in the reports as saying.
Mumbai-based Indiabulls Real Estate’s debt has risen after the acquisition of the 22 Hanover Square property in central London and around eight acres of land in Thane last year, for a total of about Rs.2,050 crore.The company doesn’t have any new project planned this year.
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News3 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores