Pursuant to the recommendations made by the Committee, the Board of Indiabulls Real Estate Ltd has authorized it to evaluate & finalize options available for the sale of Company's residential and commercial assets at Chennai, being a non-core market for Company's real estate business operations, please be informed that the Company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate Limited and Airmid Infrastructure Limited (owning residential assets at Chennai) to a third party investor, for an aggregate consideration of Rs. 285 Crores.
The transaction is expected to be concluded during the current financial year.
Shares of INDIABULLS REAL ESTATE LTD. was last trading in BSE at Rs.191.45 as compared to the previous close of Rs. 200.35. The total number of shares traded during the day was 975405 in over 4072 trades.
The stock hit an intraday high of Rs. 198.35 and intraday low of 188.55. The net turnover during the day was Rs. 187592030.