The Blackstone Embassy duo would buy promoter Gehlaut's stake in IBREL for around Rs 2,700 crore at an equity valuation of Rs 7,000 crore, reports said on Friday
The company's existing wholly-owned subsidiaries Ashkit Properties Ltd and Yashita Buildcon Ltd have become joint ventures
The buyback was from all shareholders of the company, excluding promoters and promoter group of the company, from open market through stock exchanges
Blackstone has invested over $5 billion across 30 real estate investments, of which $3.7 billion is in office space. It has built a portfolio of 78 million sq ft with its partners
The stock surged 9% to Rs 202 in otherwise weak market after the company said its board will meet on Friday, May 18, 2018, to consider the proposal of buy-back of equity shares of the Company.
Debt after asset sale could come down by half
The stock moved higher by 8% to Rs 230 on BSE in otherwise weak market
The stock up 3% at Rs 263 on BSE has outperformed the market by gaining 22% against 2.3% rise in the S&P BSE Sensex in past eight trading days
A combined 41.89 million shares representing 8.8% of total equity of Indiabulls Real Estate changed hands on NSE and BSE till 10:36 AM.
On June 22, Orient Global Cinnamon Capital purchased 17.6 million shares at Rs 200 per share.
IBREL IBL Scheme Trust sold 33 million shares of the company for about Rs 663 crore.
It is rare for any stock to rise 40% in just one trading session
The stock up 42.5% to Rs 151 on BSE in intra-day trade, also its highest level since April 20, 2011
Indiabulls Real Estate, DB Realty, Ansal Properties and Nitesh Estates have rallied more than 10%
In past five trading days, the stock rallied 25% as compared to 1% decline in the S&P BSE Sensex.
The stock soared 8% to Rs 98.60 in late noon trade, extending its past two days 3% gain on the BSE,
The stock moved higher by 4% to Rs 70.80 on BSE, bouncing back 14% from intra-day low.
The stock trading at its 52-week high of Rs 91, rallied 60% from Rs 57 on April 27.