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Indiabulls Real Estate garners 7.92% in three sessions

Capital Market 

Indiabulls Real Estate gained 0.36% to Rs 207 at 15:00 IST on BSE after the company said it acquired the entire minority stake of 10.08% in Indiabulls Infraestate.

The announcement was made after market hours yesterday, 27 June 2017.

The stock has gained 7.92% in three sessions to its ruling price from a close of Rs 191.80 on 22 June 2017.

Meanwhile, the S&P BSE Sensex was down 139.54 points or 0.45% at 30,818.71. The S&P BSE Mid-Cap index was up 21.61 points or 0.15% at 14,490.49.

On the BSE, 16.99 lakh shares were traded on the counter so far as against the average daily volumes of 39.9 lakh shares in the past one quarter. The stock had hit a high of Rs 209.60 and a low of Rs 204.25 so far during the day. The stock had hit a 52-week high of Rs 217.40 on 21 June 2017 and a 52-week low of Rs 57.05 on 22 November 2016.

The stock had outperformed the market over the past one month till 27 June 2017, gaining 26.38% compared with 0.23% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 152.29% as against Sensex's 5.89% rise. The scrip had also outperformed the market in past one year, surging 131.87% as against Sensex's 17.25% rise.

The mid-cap company has equity capital of Rs 94.93 crore. Face value per share is Rs 2.

Indiabulls Real Estate has acquired the entire minority stake of 10.08% in Indiabulls Infraestate (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI, Little Fairy and Vistra ITCL (India), its minority investors.

The aggregate cash consideration paid for the acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore against their aggregate total investment of Rs 250 crore. With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project Indiabulls Blu in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area.

On consolidated basis, Indiabulls Real Estate's net profit fell 3.7% to Rs 60.18 crore on 38.4% decline in net sales to Rs 437.03 crore in Q4 March 2017 over Q4 March 2016.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 28 2017. 15:05 IST