Indiabulls Real Estate said its board has approved raising Rs 3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Global investment firm Blackstone will invest Rs 1,235 crore, while the Bengaluru-based Embassy Group will infuse Rs 1,160 crore. After the conversion of the warrants, the Embassy Group will hold 18.7 per cent while Blackstone will own 12.4 per cent.