Mumbai: Realty firm Indiabulls Real Estate Ltd on Wednesday said that it has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Ltd (IIL), a subsidiary of the company, from ILFS Fund entities for Rs358.4 crore. “The aggregate cash consideration paid for the said acquisition is Rs358.44 crore, including interest of Rs94.85 crore against their aggregate total investment of Rs250 crore,” Indiabulls Real Estate said in a BSE filing. Last week, Indiabulls Real Estate’s promoter group entity IBREL IBL Scheme Trust sold 3.3 crore shares of the company for about Rs662.83 crore through an open market transaction. At the end of the last fiscal year, IBREL IBL Scheme Trust held 4.25 crore shares, representing 8.89% stake in Indiabulls Real Estate. Shares of Indiabulls Estate were trading at Rs205 apiece, down by 0.61%, while the benchmark Sensex index was up 0.36% at 31,071 points from its previous close.

Source: Mint June 27, 2017 16:35 UTC