Indiabulls to launch eight projects this year
Property developer Indiabulls Real Estate (IBREL) plans to build residential projects over 9.8 million square feet in the current fiscal year to generate cash flows.
The Mumbai-based developer planned to launch eight projects in six cities as part of the development plan, the company told analysts and investors as part of its preparation for the proposed qualified institutional placement (QIP) issue, through which it aims to raise as much as $600 million (Rs 3,000 crore).
The company is already talking to investors to raise at least $150 million (Rs 750 crore) from sale of shares to select investors as part of the plan.
All the projects, mostly in the affordable housing category, to be launched this year are expected to be completed by December 2013, according to a presentation prepared by the company.
More : business-standard.com