Indiabulls Real Estate acquires 10% stake in subsidiary IIL for Rs358 crore

 

Mumbai-based Indiabulls Real Estate now owns 100% stake in its subsidiary Indiabulls Infraestate, which is building the project at Worli. Photo: Bloomberg

Mumbai: Realty firm Indiabulls Real Estate Ltd on Wednesday said that it has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Ltd (IIL), a subsidiary of the company, from ILFS Fund entities for Rs358.4 crore.

ILFS Fund includes IIRF India Realty XXI Ltd, Little Fairy Ltd and Vistra ITCL (India) Ltd, Indiabulls’s minority investors.

“The aggregate cash consideration paid for the said acquisition is Rs358.44 crore, including interest of Rs94.85 crore against their aggregate total investment of Rs250 crore,” Indiabulls Real Estate said in a BSE filing.Mumbai-based Indiabulls Real Estate now owns 100% stake in its subsidiary Indiabulls Infraestate, which is building the project at Worli. Photo: Bloomberg

With this acquisition, IIL has become a wholly-owned subsidiary of the company. IIL is developing a premium integrated residential project named “Indiabulls Blu” at Worli in Mumbai comprising four residential towers and two office towers in a non-residential area, the company said.

Last week, Indiabulls Real Estate’s promoter group entity IBREL IBL Scheme Trust sold 3.3 crore shares of the company for about Rs662.83 crore through an open market transaction.

The company said the fund would be utilised for its business and general corporate purposes.

At the end of the last fiscal year, IBREL IBL Scheme Trust held 4.25 crore shares, representing 8.89% stake in Indiabulls Real Estate.

Shares of Indiabulls Estate were trading at Rs205 apiece, down by 0.61%, while the benchmark Sensex index was up 0.36% at 31,071 points from its previous close.

 

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