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Indiabulls Real Estate Ltd board approves buyback at Rs. 100

Posted On: 2019-10-11 13:05:45

The Board of Directors of Indiabulls Real Estate Limited (the "Company") at its meeting held on October 11, 2019 (which commenced at 11:30 AM and concluded at 12:10 PM) has approved a proposal of Rs. 500 Crores of buyback (hereinafter referred to as the "Buyback Size") of upto 5 Crore fully paid-up Equity Shares having face value Rs. 2/- each of the Company, representing approx. 11% of its total existing paid-up equity capital ("Equity Shares") at Rs. 100/- per Equity Share (hereinafter the "Buyback Price"), through the "Tender Offer" route, as prescribed under SEBI (Buy-Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder, as amended (hereinafter referred to as the "Buyback").

The Buyback size being more than 10% of Company's paid-up equity capital and free reserves shall be subject to approval of shareholders by way of a special resolution, through a postal ballot (the process, timelines and other requisite details would be intimated in due course) and is proposed to be made from all eligible existing holders / beneficial owners of the Equity Shares (including persons who become shareholders by cancelling Global Depository Receipts and receiving underlying Equity Shares), on a proportionate basis, as on the record date, to be decided at a later date. The Buyback Size does not include applicable taxes/duties and other incidental and related expenses. The Board has constituted a Buyback Committee and delegated powers to it to oversee and implement the Buyback and to do all such acts, deeds, matters and things, including fixation of record date, as it may, in its absolute discretion, deem necessary, expedient in connection with the Buyback.

Shares of INDIABULLS REAL ESTATE LTD. was last trading in BSE at Rs.41.35 as compared to the previous close of Rs. 43.1. The total number of shares traded during the day was 387972 in over 1989 trades.

The stock hit an intraday high of Rs. 45.25 and intraday low of 40.95. The net turnover during the day was Rs. 16791376.


Source: Equity Bulls

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