New Delhi: Indiabulls Real Estate on Wednesday said it has raised Rs480 crore through issue of debentures on private placement basis.
In a BSE filing, the Mumbai-based developer informed that the board’s operations committee has allotted NCDs (non-convertible debentures) aggregating Rs480 crore.
The company had earlier proposed to issue secured, redeemable, non-convertible debentures of face value Rs10 lakh each aggregating Rs480 crore on a private placement basis.
Indiabulls Real Estate said that Rs240 crore worth NCDs have been issued for 24 months tenor with maturity in June 2020 and the rest for 36 months tenor with maturity in June 2021. The coupon rate for both the series of NCDs is 9.5%.
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.