Indiabulls Real Estate Limited Buyback Offer May 2018
Indiabulls Real Estate Limited Buyback Offer
(i) Indiabulls Real Estate was incorporated in the year 2005 with the focus on construction and development of residential, commercial & SEZ projects across major Indian Metros & London. It is the 3rd largest real estate company in India by net worth and assets, with a total Gross Development Value of ₹349.6 billion (US$5.4 billion) and net worth of ₹72.18 billion (US$1.1 billion), as of June 30, 2015.
(ii) Indiabulls Real Estate has a presence in key Indian metros—Mumbai, Delhi and Chennai. Currently, it has 10 ongoing projects in India with a total saleable area of 30.14m sqft, and 5 new projects are planned to be launched shortly with a total saleable area of 7.87 m sqft. Additionally, the company has a fully paid for a land bank of 1,017 acres & also possesses 2,588 acres of SEZ land at Nashik, Maharashtra.
(iii) Indiabulls Real Estate has delivered two commercial towers in Mumbai—One Indiabulls Centre & Indiabulls Financial Centre with over 3m sqft space, apart from delivering projects in Madurai, Ahmedabad, and Thane. Recently, Indiabulls Real estate acquired the prime property, 22 Hanover Square in central London for ₹16.3 billion (US$250 million).
Buy Back Offer Deal:
|Buyback Type:||Open Offer|
|Buyback Offer Amount:||₹ 624 Cr|
|Date of Board Meeting approving the proposal:||May 18 2018|
|Date of Public Announcement:||May 18 2018|
|Buyback Offer Size:||5.45%|
|Buyback Number of Shares:||2.6 Cr|
|Buyback Price:||₹ 240 Per Equity Share|