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Indiabulls Real Estate rises on getting nod to sell commercial assets at Chennai

06 Jul 2018 Evaluate

Indiabulls Real Estate is currently trading at Rs. 151.75, up by 2.45 points or 1.64% from its previous closing of Rs. 149.30 on the BSE.

The scrip opened at Rs. 148.00 and has touched a high and low of Rs. 153.30 and Rs. 147.85 respectively. So far 274551 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 269.50 on 07-Aug-2017 and a 52 week low of Rs. 140.00 on 03-Jul-2018.

Last one week high and low of the scrip stood at Rs. 156.70 and Rs. 140.00 respectively. The current market cap of the company is Rs. 6795.46 crore.

The promoters holding in the company stood at 36.93%, while Institutions and Non-Institutions held 25.26% and 37.81% respectively.

Indiabulls Real Estate’s board constituted Committee has authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which company will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company, and will realise a gross value of around Rs 850 crore, subject to adjustments, if any, basis certain assets and liabilities on closing (Transaction). The Transaction is to be completed in tranches by September 30, 2019.

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.

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