 "Indiabulls Real Estate up 6% after falling 10% on Thursday")
Indiabulls Real Estate moved higher by 6% to Rs 204 on the BSE after Orient Global Cinnamon Capital bought more than 3% stake in the Mumbai-based real estate via open market.
The stock ended 10% lower at Rs 192 after hitting a low of Rs 173 in intra-day trade on Thursday.
Singapore-based Orient Global Cinnamon Capital had purchased 17.6 million equity shares representing 3.68% of total equity of Indiabulls Real Estate at price of Rs 200 per share, the BSE bulk deal data shows.
“IBREL IBL Scheme Trust, of which Indiabulls Real Estate is the sole beneficiary, has sold 33 million shares of the Indiabulls Real Estate, on June 22, 2017 at the stock exchanges, and has realised approximately Rs 662.83 crore at an average price of about Rs 200.85 per share,” Indiabulls Real Estate said in a regulatory 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.
Meanwhile, Indiabulls Real Estate said the company is proposes to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore, on a private placement basis.
“Credit Analysis and Research (CARE) has assigned AA- rating to the said securities, which have tenure of 36 months. The issue will open on June 28, 2017,” it added.
The stock ended 10% lower at Rs 192 after hitting a low of Rs 173 in intra-day trade on Thursday.
Singapore-based Orient Global Cinnamon Capital had purchased 17.6 million equity shares representing 3.68% of total equity of Indiabulls Real Estate at price of Rs 200 per share, the BSE bulk deal data shows.
“IBREL IBL Scheme Trust, of which Indiabulls Real Estate is the sole beneficiary, has sold 33 million shares of the Indiabulls Real Estate, on June 22, 2017 at the stock exchanges, and has realised approximately Rs 662.83 crore at an average price of about Rs 200.85 per share,” Indiabulls Real Estate said in a regulatory 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.
Meanwhile, Indiabulls Real Estate said the company is proposes to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore, on a private placement basis.
“Credit Analysis and Research (CARE) has assigned AA- rating to the said securities, which have tenure of 36 months. The issue will open on June 28, 2017,” it added.
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