Indiabulls Ventures shares surge over 17% after settling case with Sebi

Indiabulls Ventures's market valuation stood at Rs 239 billion on the BSE

Shares of Indiabulls Ventures Wednesday soared over 17 per cent after its promoter Sameer Gehlaut and five other promoter entities settled a case with markets regulator Sebi.

On Tuesday, Gehlaut and five other promoter entities settled a case with Sebi related to the alleged violation of 'takeover regulations' after paying Rs 4.8 million towards the settlement fee.

The stock climbed 16.84 per cent to close at Rs 395.75 on the BSE. Intra-day, it jumped 19.98 per cent to Rs 406.4.

On the NSE, shares of the company advanced by 17.56 per cent to end at Rs 398.

The company's market valuation stood at Rs 239 billion on the BSE.

On the equity volume front, over 400,000 shares were traded on the BSE, while more than 2.1 million units changed hands on the NSE.

The markets regulator had initiated adjudication proceedings against these promoter entities in January this year for alleged violations of provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms in the matter of Indiabulls Ventures.

However, Gehlaut, Orthia Properties, Orthia Constructions, Zelkova Builders, Innus Properties and Innus Developers approached the regulator with a plea to settle the matter "without admitting or denying the findings of fact and conclusions of law".

Subsequently, the regulator has disposed of the adjudication proceedings initiated against the entities after the entities paid Rs 4.8 million as settlement fee.