Indiabulls pockets $360 million from upsized GDR

The deal marks the first international fund raising by an Indian real estate firm.

Indiabulls Real Estate has completed its first independent capital markets exercise after being spun off from its parent Indiabulls Financial Services in March this year, raising $360 million from the sale of global depositary receipts GDRs.

The issue, which could total as much as $400 million if the 11.1% greenshoe is exercised, marks the first international capital raising by an Indian real estate company and comes at a time when there has been a strong focus on the...

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