Indiabulls Real Estate Ltd today said it has bought back five crore equity shares from the shareholders through the open market for about Rs 273 crore.
In a filing to the BSE, Indiabulls Real Estate Ltd has bougt back 5 crore equity shares under the scheme, which is 83.33% of the total offer.
Total amount invested in the buyback is Rs 273.20 crore, including brokerage and taxes, it added.
"Overall, the equity shares were bought back at an average price of Rs 54.64 per share," the company said.
After the buyback, the promoters' stake in the company has gone up to 44.38% from the earlier 39.70%.
The company had earlier announced the buyback of up to six crore equity shares of Rs 2 each from the existing shareholders from the open market.
The company had said buyback of shares would not be at a price not exceeding Rs 75 a share.
Shares of the company today closed at Rs 74.70 apiece, down 0.65% on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app