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“IBREL IBL Scheme Trust, of which Indiabulls Real Estate (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,” Indiabulls Real Estate 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, IBREL IBL Scheme Trust 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 real estate 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.