Indiabulls raises Rs 200 cr via IL&FS

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.

Listen to this article

00:00

1x 1.5x 1.8x

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.

Story continues below this ad

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.

Tags:
business news

Trump and Netanyahu at the White House: 20 point peace plan for Gaza

Why Donald Trump’s new Gaza ‘peace plan’ differs from earlier attempts, challenges ahead

Explained2 hr ago

Trump's new plan for peace in Gaza allows Palestinians to stay and rebuild, offers a path to statehood, and is backed by Arab and Muslim leaders. It aims for an immediate end to the war and includes a "board of peace" led by Trump, but its success depends on cooperation from all parties involved.

View all shorts

Live Blog

PHOTOS