New Delhi: Indiabulls Real Estate Ltd (IBREL) will raise Rs 300 crore through private placement of non-convertible debentures (NCDs).
The proposed issue of Rs 300 crore, at a coupon rate of 11 per cent, would open and close on March 10, the Mumbai-based developer said in a filing to the BSE.
"The company proposes to issue 3,000 secured, redeemable, non-convertible debentures of face value Rs l0 lakh each aggregating Rs 300 crore on a private placement basis," IBREL said.
The company's shareholders had passed a special resolution at its 9th annual general meeting held on September 28.
IBREL reported a 2 per cent increase in its consolidated net profit at Rs 80.44 crore for the December quarter. It had posted a net profit of Rs 78.75 crore in the corresponding period a year ago.
Income from operations rose to Rs 664.36 crore during the quarter under review as against Rs 652.11 crore in the corresponding period.
In an analysts presentation, IBREL said that the company reduced its net debt by Rs 225 crore in the last quarter to Rs 4,928 crore.
"Total reduction in net debt during 9 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," it said.
"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 a total saleable area of 30.51 million square feet. It has presence in key Indian metros of Mumbai, NCR and Chennai.