Indiabulls plans to raise Rs 100 crore

The Mumbai-based developer Indiabulls Real Estate Ltd (IBREL) plans to raise Rs 100 crore through private placement of non-convertible debentures (NCDs). "The developer had announced plans to raise Rs 70 crore through issue of NCDs. It had raised Rs 300 crore last week through private placement of NCDs," according to PTI report. The company proposes to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs. 100 crore, on a private placement basis," said the company while informing to BSE (Bombay Stock Exchange) The issue will open on March 18, it added. IBREL's Rs 70 crore NCDs issue would open on March 17 carrying a coupon rate of 11 per cent. The company's shareholders had passed a special resolution at its 9th annual general meeting held on September 28. 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 1500 crore, taking it down to Rs 3,300 crore as of March 2017," the presentation 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.