Indiabulls Real Estate has received an approval for a proposal of Rs 500 crore of buyback of up to 5 crore fully paid-up Equity Shares having face value Rs 2 each of the Company, representing approximately 11% of its total existing paid-up equity capital (Equity Shares) at Rs 100 per Equity Share, through the 'Tender Offer' route, as prescribed under SEBI (Buy-Back of Securities) Regulations, 2018 ('Buyback Regulations') and the Companies Act, 2013 and rules made thereunder, as amended.
The Board of Directors of the company at its meeting held on October 11, 2019, approved the same.
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.
