Indiabulls Real Estate raises Rs 20cr via NCD; Rs 151cr so far

New Delhi: Indiabulls Real Estate on Monday said it has raised Rs 20 crore through issue of non-convertible debentures on private placement basis.

Last month, the Mumbai-based company had announced plans to raise up to Rs 200 crore through issue of NCDs on private placement basis. So far, the company has raised Rs 151 crore in four tranches.

In a filing to the BSE, Indiabulls Real Estate said that "the operations committee of the Board of Directors of the company has allotted NCDs aggregating Rs 20 crore".

The coupon rate for the NCDs is 10 percent, it added.

Earlier this year, the company had raised over Rs 400 crore through this route.

Indiabulls Real Estate is developing 11 projects with a total saleable area of 30.51 million sq ft. It has presence in key metros of Mumbai, NCR and Chennai.

It has entered London property market through acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property in July 2014.