Indiabulls Real Estate Ltd. will sell stakes in its commercial and leasing business assets to Blackstone Group LLP for about Rs 4,420 crore as part of the company’s plan to be debt free in the ongoing financial year.
Promoters of Indiabulls Real Estate are looking to pare their holding in the company to comply with the Reserve Bank of India’s norms for a proposed merger of Indiabulls Housing Finance Ltd. with Lakshmi Vilas Bank. In June, Bengaluru-based Embassy Property Developments Pvt. Ltd. bought 13.9 percent stake in Indiabulls Real Estate via a block deal. After this, the promoters’ holding fell to 23.38 percent. No further disclosures have been made since then.
Shares of Indiabulls Real Estate snapped their two-day decline and rose as much as 3.3 percent to Rs 66.40 apiece. That compares with a 0.17 percent gain in the benchmark NSE Nifty 50 Index.
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