The promoters of Indiabulls Real Estate have sold a 12.8 per cent stake in the company to the Embassy Group. The deal size is estimated at over ₹800 crore. In a BSE filing on Thursday, Indiabulls said the sale is part of its efforts to transfer up to 14 per cent out of the 38.72 per cent fully paid-up share capital owned by the promoters to third-party investors as it wants to focus on the financial services business in the long run.
According to sources, a venture comprising the Embassy Group and Blackstone Group may buy additional stakes in the company. Our Bureau