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Shares of Indiabulls Real Estate rose on divestment deal with Blackstone. The stock jumped as much as 3.8 per cent to Rs 199.80.
In a major real estate deal, Indiabulls Real Estate has executed a definitive agreement with global private equity investor Blackstone Group to divest 50 per cent stake in its prime commercial properties in the megapolis for Rs 4,750 crore.
IBREL has executed transaction documents with the entities controlled by Blackstone to divest their entire holding in certain subsidiaries and thereby indirectly divesting 50 per cent stake in Indiabulls Properties Pvt Ltd (IPPL) and Indiabulls Real Estate Company (IRECPL) at an aggregate enterprise value of around $1,461.5 million or Rs 9,500 crore, the company had said in a BSE filing last week.
Part of the sale proceeds will be used for repaying debts, INRL said.
The deal marked major strategic step in helping INRL de-lever development business while creating long-term growth platform for office business, CLSA analysts in note.
Up to Friday's close, the stock had fallen 13.8 per cent this year.
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