Indiabulls Real Estate has rallied 5% to Rs 59.65 after the real estate developer said that it has bought back the entire stake of FIM, an America-based private equity (PE) fund, in its seven project subsidiaries for Rs 1,172 crore.
FIM, a part of Farallon Capital Management LLC, held a 49% equity stake in these joint ventures and had invested Rs 847 crore in 2006 and 2008, Indiabulls Real Estate said in a BSE filing.
These project companies are currently building residential apartments over 120 acres in Gurgaon, 160 acres in other areas of Delhi and the National Capital Region (NCR), and 15 acres in Chennai, it added.
The stock opened at Rs 56.20 and touched high of Rs 59.90 on NSE. A combined 2.6 million shares changed hands on the counter till early noon deals on NSE and BSE.
FIM, a part of Farallon Capital Management LLC, held a 49% equity stake in these joint ventures and had invested Rs 847 crore in 2006 and 2008, Indiabulls Real Estate said in a BSE filing.
These project companies are currently building residential apartments over 120 acres in Gurgaon, 160 acres in other areas of Delhi and the National Capital Region (NCR), and 15 acres in Chennai, it added.
The stock opened at Rs 56.20 and touched high of Rs 59.90 on NSE. A combined 2.6 million shares changed hands on the counter till early noon deals on NSE and BSE.