A clutch of funds belonging to the IL&FS group have picked up 9.36 per cent stake in a subsidiary of Indiabulls Real Estate (Ibrel) for Rs 200 crore.
Indiabulls Infraestate, the arm of Ibrel, is developing the 8.39-acre Bharat Mills land at Worli in Mumbai.
IL&FS’s stake purchase values the property at Rs 2,136 crore. Indiabulls bought this land from National Textile Corporation (NTC) for Rs 1,505 crore in August 2010, outbidding the Lodha group by a mere Rs 2 crore, in an e-auction. Indiabulls paid a stamp duty of around Rs 75 crore.
After Indiabulls emerged the highest bidder at the NTC auction, the Lodha group, a Mumbai-based realtor, appr-oached the Appellate Autho-rity for Industrial and Financial Reconstruction (AAIFR), which governs NTC, alleging Indiabulls was given additional time to pay the bid amount after sanctioning letter.
