Indiabulls Real Estate shares hit 52-week high as firm raises Rs 3,911 crore

Stock of Indiabulls Real Estate Ltd hit a fresh 52-week high in early deals today after realty firm Indiabulls Real Estate secured over Rs 3,911 crore through a preferential allotment of shares.

Indiabulls Real Estate stock rose 5% in early deals to a 52 week high of Rs 144.20 on BSE today. A total of 6.56 lakh shares of the firm changed hands, amounting to a turnover of Rs 9.12 crore on BSE. Market cap of the firm rose to Rs 7496.79 crore. The stock has zoomed 152% in a year and risen 67% in six months.

The stock fell to its 52 week low of Rs 52.70 on April 10, 2023.

Investors in the preferential issue included 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.

Indiabulls Real Estate has a one-year beta of 0.4, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of the stock stands at 68.7, signaling the stock is trading neither in the overbought nor in the overtrading zone. Indiabulls Real Estate shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.

The floor price of the issue was Rs 111.51 per share, in accordance with SEBI guidelines. Embassy Group will invest Rs 10 crore in equity shares and an additional Rs 1,150 crore in warrants. Blackstone Real Estate Fund will infuse Rs 375 crore in equity shares and Rs 860 crore in warrants.

Baillie Gifford & Co will invest Rs 209 crore in equity shares of Indiabulls Real Estate.