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Indiabulls Real Estate soars 7% after board approves restructuring

19 December, 2018 8:04 AM
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Indiabulls Real Estate soars 7% after board approves restructuring

The restructuring will facilitate proposed divestment of the company's assets in Chennai to Blackstone Group.

Shares of Indiabulls Real Estate (IBREL) jumped 7 percent after the board approved a scheme of arrangement to facilitate divestment of assets in Chennai to the US-based Blackstone Group.

IBRE had earlier this year agreed to sell its commercial project One Indiabulls Park in Chennai to Blackstone Group.

After the demerger, the company's Chennai assets, currently owned by India Land and Properties Limited (ILPL), will be demerged into Indiabulls Infrastructure Limited (IIL).

IIL is an indirect subsidiary of Indiabulls Real Estate, while ILPL is a direct subsidiary.

The new scheme is pending approval from market regulator Securities and Exchange Board of India (SEBI) and National Company Law Tribunal (NCLT).

Source: moneycontrol.com

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