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Indiabulls Real Estate gains on hiking stake in IPIT to 51.18%

04 May 2016 Evaluate

Indiabulls Real Estate is currently trading at Rs. 69.85, up by 0.10 points or 0.14% from its previous closing of Rs. 69.75 on the BSE.

The scrip opened at Rs. 69.55 and has touched a high and low of Rs. 70.70 and Rs. 69.10 respectively. So far 328408 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 73.55 on 20-Oct-2015 and a 52 week low of Rs. 41.00 on 18-Jun-2015.

Last one week high and low of the scrip stood at Rs. 71.15 and Rs. 57.20 respectively. The current market cap of the company is Rs. 3524.31 crore.

The promoters holding in the company stood at 42.72% while Institutions and Non-Institutions held 20.89% and 36.39% respectively.

Indiabulls Real Estate has acquired 27,696,100 units in Indiabulls Properties Investment Trust, a SGX-ST listed business trust (IPIT), on the Singapore Exchange Securities Trading, through Grapene (Grapene), which is an indirect wholly-owned subsidiary of Indiabulls Real Estate.

The total number of units, owned and controlled by the company (directly or through its wholly owned subsidiaries) in IPIT has increased from 47.51% to 51.18% and accordingly IPIT has become a majority owned subsidiary of the company.

Further, Grapene has also made an offer announcement, pursuant to the requirements under the Singapore Code on Take-overs and Mergers, for acquisition of all remaining units in IPIT at an offer price of S$0.25 in cash for each unit.

Indiabulls Real Estate is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of the company is construction and development of properties, project management, investment advisory and construction services.

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