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Indiabulls Realestate arm to acquire 100% stake in commercial complex at Chennai for Rs. 685 crores

Posted On: 2017-03-14 20:14:17

Indiabulls Infrastructure Ltd (IIL), a WOS of Indiabulls Realestate Ltd, has signed a definitive agreement to acquire 100% share capital of India Land and Properties Ltd (ILPL), for an aggregate consideration of Rs.685 crores, from Indiabulls Distribution Services Ltd (a WOS of Indiabulls Ventures Ltd), and the deal is expected to be completed in the current financial year, post completion of the deal ILPL will become 100% WOS of the Company.

ILPL owns a commercial complex of 3 towers with total constructed area of 2.67 mn Sq. ft and leasable area of 1.94 mn Sq.ft, spread over total land of over 8.84 acres at Ambattur Industrial Estate, Chennai.

Some of the lessees of these towers are RBS, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS, Access Healthcare etc.

The said complex has been designed in compliance to the National Building Codes by internationally acclaimed Ms. ZAHA HADID, UK, "Laureate Pritzker" Prize Winner (2004) and its a GOLD rated GREEN Building.

Shares of INDIABULLS REAL ESTATE LTD. was last trading in BSE at Rs.81.55 as compared to the previous close of Rs. 78.45. The total number of shares traded during the day was 4410737 in over 9313 trades.

The stock hit an intraday high of Rs. 83.6 and intraday low of 79. The net turnover during the day was Rs. 362035651.


Source: Equity Bulls

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