Indiabulls Real Estate moves up on acquiring entire minority stake of 10.08% in IIL

28 Jun 2017

Indiabulls Real Estate is currently trading at Rs. 207.40, up by 1.15 points or 0.56% from its previous closing of Rs. 206.25 on the BSE.

The scrip opened at Rs. 206.70 and has touched a high and low of Rs. 209.60 and Rs. 204.25 respectively. So far 1690263 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 217.40 on 21-Jun-2017 and a 52 week low of Rs. 57.05 on 22-Nov-2016.

Last one week high and low of the scrip stood at Rs. 213.90 and Rs. 173.15 respectively. The current market cap of the company is Rs. 9818.63 crore.

The promoters holding in the company stood at 50.35%, while Institutions and Non-Institutions held 20.80% and 28.86% respectively.

Indiabulls Real Estate has acquired the entire minority stake of 10.08% in Indiabulls Infraestate (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI, Little Fairy and Vistra ITCL (India), its minority investors. The aggregate cash consideration paid for the said acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore against their aggregate total investment of Rs 250 crore.

With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project named ‘Indiabulls Blu’ in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area.

Indiabulls Real Estate is India's third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.

Related Indiabulls Real Estate Ltd. Links:

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