Indiabulls Real Estate has given exit to ILFS Fund from its housing project in Mumbai by acquiring 10 per cent stake for Rs 358 crore.
Mumbai-based developer now owns 100 per cent stake in its subsidiary Indiabulls Infraestate Ltd, which is building this project at Worli. ILFS Fund had invested Rs 250 crore in this project.
In a filing to the BSE, the company informed that it has "acquired the entire minority stake of 10.08 per cent in Indiabulls Infraestate Ltd, a majority owned material subsidiary of the company from ILFS Fund entities namely IIRF India Realty XXI Ltd, Little Fairy Ltd and Vistra ITCL (India) Ltd, its minority investors".
The cash consideration paid for the acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore.
With this acquisition, Indiabulls Infraestate has become a wholly owned subsidiary of the company. The subsidiary is developing a premium housing project 'Indiabulls Blu' at Worli in Mumbai comprising 4 residential towers and 2 office towers in non-residential area.
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