Foreign fund house Morgan Stanley has acquired 7.68 per cent stake in Indiabulls Real Estate for about Rs 570.18 crore, through qualified institutional placement (QIP) route. Morgan Stanley & Co International through its various investment arms has acquired over three crore shares, representing 7.68 per cent stake in the realty firm, Indiabulls Real Estate said in a disclosure on the Bombay Stock Exchange. Last week, the company had said it would issue shares on institutional placement basis at the rate of Rs 185 a piece.
Calculated on the basis of the said price, the allotment to Morgan Stanley is worth Rs 570.18 crore. Earlier, the company had raised Rs 2,656.50 crore through issue of 14.36 crore shares on institutional placement basis. Shares of Indiabulls Real Estate closed at Rs 198.20, down 3.67 per cent on the BSE.