The Mumbai-based real estate developer Indiabulls Real Estate (IBREL), reportedly is in talks with investors, to raise at least $150 million (Rs 750 crore) from sale of shares to select investors as part of its qualified institutional placement (QIP) plan.

Reports suggest that the company has already hired Morgan Stanley as adviser.

The money from the QIP is expected to be used to fund its power projects, mainly the 1,320 megawatt project planned to be built in Amaravati, Maharashtra. The company plans to seek shareholders' approval at a meeting on May 18.

Last month, Indiabulls Real Estate had revealed its plans to raise $600 million (Rs 3,000 crore) from sale of shares from a QIP issue.

It should be noted that, earlier this week, Indiabulls Real Estate failed to raise Rs 2,322 crore from promoters and key officials, when they declined to convert the warrants issued to them into equity.

The promoters were not interested in conversion, as the company's shares were trading about 74 per cent below the conversion price of Rs 540 per warrant.

The share of the company closed on Friday at Rs 143 on BSE.