Indiabulls Real Estate has sold a 9.36 per cent stake in a subsidiary developing Bharat Textile Mills land in Mumbai to IL&FS Trust for Rs 200 crore.
Indiabulls had bought 8.39 acres of Bharat Textile Mills land in 2010 for Rs 1,580 crore from National Textile Corporation. Its wholly-owned arm,Indiabulls Infraestate Ltd,is developing the land.
In a filing to the Bombay Stock Exchange,Indiabulls Real Estate informed that IL&FS Trust Company and its group of investors have invested Rs 200 crore to pick up a 9.36 per cent stake in Indiabulls Infraestate.
The deal was struck at a valuation of Rs 2,136 crore,which is at a premium of Rs 555.7 crore to the price of Rs 1,580.3 crore paid by Indiabulls to acquire the Bharat Mills
land. The company\’s shares closed at Rs 56.75 apiece on the BSE today,up by 1.34 per cent.