New Delhi: Indiabulls Real Estate plans to raise Rs480 crore through issue of debentures on private placement basis.

In a BSE filing, the Mumbai-based developer has said that it “proposes to issue secured, redeemable, non-convertible debentures of face value Rs10 lakh each aggregating Rs480 crore, on a private placement basis."

The issue will open on June 25 and the amount would be raised in one or more tranches, it added.

During the 2017-18 fiscal, the company’s net profit rose to Rs1,980.20 crore from Rs356.67 crore.

Total revenue also doubled to Rs5,926.53 crore from Rs2,320.34 crore in the previous financial year.