Embassy group to acquire 28% promoter stake in Indiabulls realty arm

Indiabulls realty arm Indiabulls will exit realty; Embassy will become a pan-India player

Bengaluru-based property developer Embassy group will buy a 28 per cent stake in Indiabulls Real Estate from promoter Sameer Gehlaut.

Embassy's flagship company Embassy Property Development on Friday bought 63 million shares — representing 14 per cent of Indiabulls Real estate at Rs 150.45 apiece or Rs 949.27 crore in total, the data from exchanges showed. This will be followed by the purchase of the residual stake over the next six to eight weeks and an open offer to the shareholders of Indiabulls Real Estate.

Ajit Mittal, president at Indiabulls Group, said exiting the real estate business was to fast track Indiabulls