Indiabulls Real Estate announced that to embark on a clear
and simple path to achieve ZERO net debt in the current financial year through strategic divestment
of its stake(s) in certain commercial and leasing business asset(s), the company and its certain subsidiaries, have agreed and finalized with entities controlled by
The Blackstone Group Inc. (Blackstone), which is a globally renowned real estate private equity
investor, to divest their entire direct/indirect stake in:
(a) existing JV Cos with Blackstone, namely Indiabulls Properties and Indiabulls Real Estate Company (both owning commercial assets at Lower Parel, Mumbai), Yashita Buildcon and Ashkit Properties (both owning commercial assets at Udyog Vihar, Gurugram), and
(b) the commercial assets/development at Worli Mumbai, it's rights/stake in K.G. Marg, New Delhi and Sector 104 & 106, Gurugram, at an aggregate equity value of approximately Rs 4420 crore, subject to closing adjustments.
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