Indiabulls Real Estate soars on stake purchase

DALAL STREET SPIKES

Indiabulls Real Estate jumped 12 per cent to Rs 486.15 from its previous close of Rs 435.30. It had touched an intraday high of Rs 499. The volumes on BSE remained strong at 1.3 million shares.

The rally was prompted by the hedge fund Quantum's open market purchase of a 2.5 per cent stake in the company on March 18. The fund is owned by George Soros.

The transaction amounted to Rs 276 crore. Indiabulls Real Estate recently made an open offer to buy a 20.2 per cent stake in Piramyd Retail.