Receives Rs 701 crore as refund of auction price from Delhi Development Authority
Indiabulls Real Estate announced that pursuant to the judgment passed by the Hon'ble Supreme Court of India, a refund of approximately Rs. 701 crore, net of TDS, (being the auction price along with interest) has been received from the Delhi Development Authority ("DDA") by Kenneth Builders & Developers, a 100% subsidiary of Indiabulls Infrastructure [a JV Co set up by Indiabulls Real Estate (the Company) with FIM (managed by Farallon Capital Management LLC and its affiliates, a leading U.S. private equity fund), in which FIM was holding approx 74% equity and IBREL was holding approx 26% equity] (IIPL) in relation to the land situated at Village Tehkhand, Maa Anand Mai Marg, New Delhi ("Tehkhand Land") which was earlier allotted by DDA for development of residential project.Further, in compliance with the directions of the Hon'ble Supreme Court of India, possession of the Tehkhand Land has been handed over to DDA. The Company has further informed the Company has acquired FIM's entire stake of approx. 74% in IIPL, for a total consideration of approx. Rs. 382 crore and with this IIPL has become 100% owned by the Company.
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