Indiabulls arm to go for Rs 624cr buyback

MUMBAI:

Indiabulls Real Estate

said that its board has approved a Rs 624-crore buyback for nearly 5.5% of its equity

shares

at a price of up to Rs 240 per share.


The main objective of the buyback is to optimise returns to shareholders without compromising on the high growth opportunities available to the company, a release from Indiabulls Real Estate said.

“The proposed buyback will make the balance sheet of the company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher

earnings per share

and enhanced return on equity,” it said.

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