Indiabulls Real Estate to mop up Rs 2,322 cr through warrants

New Delhi, Sep 26 (UNI) Indiabulls Real Estate Ltd, country's third biggest developer by assets, today said its board has approved raising Rs 2,322 crore through an issue of up to 43 million fully convertible warrants to founders and directors.

The warrants will be convertible into equity shares at Rs 540 each, it said in a statement.

Indiabullls Chairman Gehlaut will invest as much as Rs 1,080 crore for 20 million warrants, while Chief Financial Officer Rajiv Rattan and Director Saurabh Mittal plan to put in Rs 540 crore each for 10 million warrants, a statement said.

Joint Managing Directors Narendra Gehlaut and Vipul Bansal will infuse Rs 108 crore and Rs 54 crore for allotment of two million and one million warrants respectively.

UNI