The Hindu Business Line : Indiabulls Real Estate turns weak

Mumbai March 23 Indiabulls Real Estate Ltd, which was de-merged from Indiabulls Financial Services Ltd in January, listed on the BSE at Rs 380.05. The stock touched a high of Rs 414.80 before closing at Rs 325.65.

On the NSE, the stock opened at Rs 408. It touched an intra-day high of Rs 419 and an intra-day low of Rs 325.60, which was also its closing price.

As per the scheme of arrangement, Indiabulls Real Estate on February 4, issued over 16.86 crore equity shares of Rs 2 each in the exchange ratio of 1:1.

Indiabulls Real Estate has also issued an equal number of warrants to the existing warrant holders of Indiabulls Financial Services. Further, Indiabulls Real Estate allotted Rs 1.10 crore equity shares of Rs 2 each at premium of Rs 68 per share upon conversion of warrants to the promoters of the company on January 9.

The total traded quantity of shares of the company was 1.24 crore and 1.80 crore on the BSE and the NSE respectively.

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