Indiabulls Real Estate divest 9.36% stake in its subsidiary

Indiabulls Real Estate has divested 9.36% stake in its subsidiary to IL&FS Trust for Rs 200 crore. The subsidiary company is currently developing Bharat Textile Mills land in Mumbai. In 2010, the company had bought 8.39 acres of Bharat Textile Mills land for Rs 1,580 crore from National Textile Corporation.

Indiabulls Real Estate projects portfolio includes high-end office and commercial spaces, premium residential developments, integrated townships, luxury resorts and SEZs. The company has projects with total land area in excess of 10000 acres.

The company’s net profit for the quarter tumbled 97.58% at Rs 0.76 crore as compared to Rs 31.45 crore for the quarter ended September 30, 2010. Total income has decreased by 21.11% to Rs 51.77 crore for the quarter under review from Rs 65.62 crore for the similar quarter of the previous year.