Indiabulls Real Estate lists at Rs 380 on BSE

Indiabulls Real Estate (IBREL), the real estate arm of Indiabulls Group, today got listed at Rs 380 on the Bombay Stock Exchange.

IBREL, which recently demerged from Indiabulls Financial Services (IBFSL), hit a high of Rs 415 in early trade and around 13 lakh shares were traded on the BSE.

Pursuant to the scheme of arrangement, between IBFSL, IBREL and their respective shareholders and creditors, the real estate undertakings of IBFSL got demerged and vested in IBREL on a going concern basis.

As per the scheme of arrangement, IBREL on February 4, issued over 16.86 crore equity shares of Rs 2 each in the exchange ratio of 1:1, that is one equity share of Rs 2 each was issued for one equity share of the same value held in IBFSL.

The total value of Indiabulls Real Estate Ltd's effective ownership (as on December 21, 2006) in the project companies undertaking developments was pegged at Rs 15,125 crore, according to Knight Frank, a leading international real estate consultancy firm.