IBREL to raise Rs 300 crore via debentures

Mumbai-based, Indiabulls Real Estate Ltd (IBREL) said that it will raise Rs 300 crore through private placement of non-convertible debentures. "The proposed issue of Rs 300 crore, at a coupon rate of 11 per cent, would open and close on March 10," IBREL informed BSE Ltd. (Bombay Stock Exchange). “The company proposes to issue 3,000 secured, redeemable, non-convertible debentures of face value Rs l0 lakh each aggregating Rs 300 crore on a private placement basis,” it said. The company’s shareholders had passed a special resolution at its 9th annual general meeting held on September 28.