China Resources Land and Indiabulls Real Estate were both in the market last night in an attempt to raise new capital on the back of strong share price recoveries and investors did not disappoint. Both deals attracted strong demand and were significantly upsized, allowing CR Land to raise HK$4.3 billion $555 million and Indiabulls to walk away with Rs26.8 billion $545 million, making them the two largest equity capital raisings in Asia this year, aside from the rights issues.
China-based CR Land initially offered 230 million shares at a price between HK$14.04 and HK$14.34 through a top-up placement. The price represented a discount of 6.0% to 8.0% versus yesterday's close of...
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