Indiabulls Housing Launches QIP At Floor Price Of Rs 206.70 Per Share

Indiabulls Housing Finance Ltd. has launched its qualified institutional placement at a floor price at Rs 206.70 per share.

“The company may offer a discount of not more than 5% on floor price so calculated for the issue (which opens on Wednesday),” according to an exchange filing. In another filing, Indiabulls Housing Finance said that the Securities Issuance Committee of its board of directors will have a meeting on Sept. 14 to approve the issue price, including a discount, if any, for the equity shares to be allotted to qualified institutional buyers.

At an extraordinary general meeting on July 29, the company had sought shareholders' approval to raise up to $300 million by issuing securities via a QIP or foreign currency convertible bonds.

On Wednesday, Indiabulls Housing’s shares fell 0.54% to Rs 201.15 apiece on the BSE while the benchmark Sensex ended the day 0.45% lower at 38,193.92 points.