Indiabulls Real Estate closes buyback offer, buys shares worth Rs 4.43 bn

Indiabulls Real Estate Ltd on Friday closed its buyback offer after purchasing 260 million shares for Rs 4.43 billion.

In May this year, the company has announced buyback of up to 260 million fully paid-up equity shares of Rs 2 each of the company at prevailing market price on stock exchanges at a price not exceeding Rs 240 apiece, up to an aggregate amount not exceeding Rs 6.24 billion.

The buyback was from all shareholders of the company, excluding promoters and promoter group of the company, from open market through stock exchanges.

In a regulatory filing, the Mumbai-based developer said that the board constituted committee reviewed the present status of the funds utilised and number of shares bought back by the company under its ongoing buyback offer.

The company has, till date, bought back maximum buyback offer shares, 260 million shares at an average price of about Rs 170.45 per share, and has deployed about Rs 4.43 billion, excluding transaction costs, it added. Indiabulls decided to close the buy-back offer.