Indiabulls Real Estate raises Rs 70cr via NCDs

Indiabulls Real Estate Ltd (IBREL) raised Rs 70 crore on Thursday through private placement of non- convertible debentures (NCDs).

Earlier this month, the Mumbai-based developer had raised Rs 300 crore through private placement of NCDs.

It has announced plans to raise another Rs 100 crore through this route and the issue will open Friday.

In a filing to the BSE, IBREL today informed that the Operations Committee of the Board of Directors has allotted secured, redeemable, non-convertible debentures of face value Rs l0 lakh each aggregating to Rs 70 crore.

The issue opened today with coupon rate of 11 per cent.

IBREL had reduced its net debt by Rs 225 crore in the last quarter to Rs 4,928 crore.

“Total reduction in net debt during nine months of FY16 is Rs 552 crore. Further net debt reduction of Rs 130 crore planned and expected in last quarter of current FY, to achieve the target net debt of Rs 4,800 crore as on March 31, 2016,” the company had said in an analyst presentation.

“FY17 target for net debt reduction of Rs 1,500 crore, taking it down to Rs 3,300 crore as of March 2017,” the presentation had said.

IBREL is developing 11 projects in India with total saleable area of 30.51 million sq ft. It has presence in key Indian metros of Mumbai, NCR and Chennai.