For Rs 220.4 crore
Indiabulls Real Estate announced that IBREL IBL Scheme Trust, of which Indiabulls Real Estate (the Company) is the sole beneficiary, has sold its holding of 95,00,000 shares of the Company, on 27 July 2017 at the stock exchanges, and has realized approx. Rs 220.4 crores at an average price of about Rs 232 per share.This sale is made by the Company of its treasury shares and no share sale is done by the Founder of the Company.
The sale proceeds of Rs 220.4 crore will come in the Company and would be used for meeting Company's funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board.
With this sale, the treasury holding of Indiabulls Real Estate shares by IBREL IBL Scheme Trust is zero.
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