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Indiabulls Real Estate falls 18% on stake sale by promoter group trust

IBREL IBL Scheme Trust sold 33 million shares of the company for about Rs 663 crore.

SI Reporter  |  Mumbai 

Indiabulls Real Estate falls 19% on stake sale by promoter group trust

 slipped 18.5% to Rs 173 on BSE in intra-day trade on the back of heavy volumes after the company said that its promoter group entity sold 33 million shares of the company for about Rs 663 crore.

“IBREL IBL Scheme Trust, of which (the Company) is the sole beneficiary, has sold 33 million shares of the Company, on 22nd June 2017 at the stock exchanges, and has realised approx. Rs 662.83 crore at an average price of about Rs 200.85 per share,” said in a BSE filing.

The sale proceeds would be used for meeting Company's funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board, it added.

As of March 2017, was held 42.5 million or 8.89% stake in Indiabulls Real Estate, the shareholding pattern data shows.

The names of the buyers were not ascertained immediately.

Till 03:14 pm; a combined 126 million equity shares representing around 23% of total equity of firm have changed hands on the BSE and NSE. Currently, the stock was trading 9% lower at Rs 194, after hitting high of Rs 214 in intra-day trade.

Meanwhile, thus far in the calendar year 2017, the stock had outperformed the market by surging 200% as compared to 17.5% rise in the S&P BSE Sensex till Wednesday.

First Published: Thu, June 22 2017. 15:17 IST
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