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Indiabulls Real Estate on Wednesday said the Delhi Development Authority has refunded around ₹701 crore to its subsidiary Kenneth Builders & Developers Pvt Ltd for return of land at Tehkhand village. The refund, being the auction price along with interest, follows a ruling by the Supreme Court in favour of Kenneth Builders in the case of the residential project proposed to be built at Tehkhand village in New Delhi. Kenneth Builders is a subsidiary of Indiabulls Infrastructure Pvt Ltd, a joint venture company set up by Indiabulls Real Estate and FIM Ltd, which is managed by Farallon Capital Management LLC, a US private equity fund. In the notice filed by the company with the exchange, Indiabulls Real Estate also said that it had acquired FIM’s entire stake in Indiabulls Infrastructure for ₹382 crore. As a result, Indiabulls Infrastructure has now become a wholly owned subsidiary of the company. Shares of Indiabulls Real Estate were up 4.7 per cent at ₹82.95 the NSE.
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