Indiabulls Real Estate zooms on divesting 9.36% stake in its subsidiary

17 Jan 2012

Indiabulls Real Estate is currently trading at Rs. 59.20, up by 2.45 points or 4.32% from its previous closing of Rs. 56.75 on the BSE.

The scrip opened at Rs. 57.10 and has touched a high and low of Rs. 59.90 and Rs. 57.00 respectively. So far 968496 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 152.75 on 20-Apr-2011 and a 52 week low of Rs. 40.10 on 07-Dec-2011.

Last one week high and low of the scrip stood at Rs. 59.90 and Rs. 52.05 respectively. The current market cap of the company is Rs. 2650.19 crore.

The promoters holding in the company stood at 27.91% while Institutions and Non-Institutions held 45.55% and 23.80% respectively. 

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.

Related Indiabulls Real Estate Ltd. Links:

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