Indiabulls real estate to go for Rs 624cr buyback

MUMBAI:

Indiabulls Real Estate

on Friday said that its board has approved an Rs 624-crore buyback for nearly 5.5% of its equity shares at a price of up to 240 per share. The main objective of the buyback is to optimise returns to the shareholders without compromising on the high growth opportunities available to the company, a release from Indiabulls

Real Estate

said.


“The proposed buy-back 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.

In March, Indiabulls Real Estate had sold 50% of its Mumbai assets, One Indiabulls and

Indiabulls Financial Centre

business towers, to US-based private equity giant

Blackstone

at an enterprise value of Rs 9,500 crore. For the fiscal year ended March 2018, the company had reported a net profit of Rs 2,015 crore.

Stay informed with the latest Business News on Times of India. Explore the list of Bank Holidays, stay informed about Budget 2025, discover the new Income Tax Slabs, and use the Income Tax Calculator for hassle-free tax planning.