Indiabulls Real Estate shares soar to a 52-week high following a successful fundraising round of Rs 3,911 crore. The company’s shares are currently trading above various moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day averages.
In a significant development, Baillie Gifford & Co has committed to invest Rs 209 crore in equity shares of Indiabulls Real Estate. The issuance adhered to SEBI guidelines with a floor price of Rs 111.51 per share.
Furthermore, Embassy Group has pledged to invest Rs 10 crore in equity shares along with an additional Rs 1,150 crore in warrants. The market responded positively, with Indiabulls Real Estate stock surging by 5% to reach a new high of Rs 144.20 on the BSE. Notably, the company witnessed a turnover of Rs 9.12 crore with 6.56 lakh shares being traded, elevating its market cap to Rs 7496.79 crore. Over the past year, the stock has experienced a remarkable ascent of 152% and a substantial increase of 67% over the last six months.
Investors participating in the preferential issue include prominent names such as Embassy Group, Baillie Gifford & Co, Blackstone Real Estate Fund, Quant Active Fund, Poonawalla Finance, Micro Labs, Maybank, Utpal Sheth, Capri Global, Yash Shares & Stock, Aalidhra, among others.
Analyzing the technical aspects, the stock’s relative strength index (RSI) stands at 68.7, indicating a balanced trading scenario without veering into either the overbought or oversold territory. Moreover, Indiabulls Real Estate shares continue to trade above the mentioned moving averages, underscoring its bullish momentum.
Overall, the infusion of capital and the endorsement from reputable investors reflect a positive outlook for Indiabulls Real Estate as it moves forward with its growth trajectory.
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