indiabulls real estate

Canadian research firm Veritas’ report on Indiabulls group with a ‘sell’ rating has prompted the latter to file a complaint with the economic offences wing of the Mumbai Police alleging “intentional mis-representation of facts” to profit Veritas’ clients.

indiabulls real estate promoters have sold 14 per cent stake through open market transactions to Embassy Group for Rs 950 crore, as part of the group's strategy to focus on financial services and exit from realty business.

Mumbai, Jun 7 () Promoters of indiabulls real estate have sold about 12 per cent stake to Bengaluru-based realty firm Embassy Group through block deal, as part of its strategy to focus on financial services and exit realty business, sources said.

New Delhi, Jun 6 () US-based investment firm Blackstone may acquire indiabulls real estate's promoters' stake at an estimated enterprise value of around USD 1 billion, sources said Thursday.

Dev Property Development raised Rs 1,200 cr through an offer of its shares to qualified institutional investors at the London Stock Exchange.

Billionaire developer Jitu Virwani-led Embassy Group is close to acquiring indiabulls real estate in a deal valued at around $1 billion. Bengaluru-based Embassy, one of the country’s largest office space developers, will buy Indiabulls promoter Sameer Gehlaut and family’s 39% stake in a two-stage transaction.

New Delhi, Jun 22 () indiabulls real estate promoter group entity today sold 3.3 crore shares of the company for about Rs 662.83 crore through an open market transactions. The development led to about 10 per cent decline in the company's share price at both BSE and NSE.

Blackstone, Embassy Eye Separate Transactions

Indiabulls group is close to a deal that will see its exit from the real estate development space, one of the areas its name has been associated with for years. This would be a three-way deal involving Indiabulls group, Bangalore-based real estate major Embassy group and global private equity giant Blackstone.

Sameer Gehlaut, who co-founded the Indiabulls group 23 years ago, is stepping down as the chairman of the group’s flagship company Indiabulls Housing Finance (IBHFL).

Moody's Investors Service has placed the B1 corporate family rating of indiabulls real estate (IBREL) on review for downgrade. Moody's has also placed the B1 senior unsecured debt rating of the US dollar-denominated bonds issued by IBREL's wholly owned subsidiary, Century Limited, and guaranteed by IBREL on review for downgrade.

The windfall that the National Textile Corporation (NTC) expected after the record bid by the indiabulls real estate for two mills in Mumbai has not materialized till now as the Board of Industrial and Financial Reconstruction (BIFR) is yet to approve the bid that took place almost a month ago.

Infrastructure financing major IL&FS is investing Rs 200 crore in a project by indiabulls real estate that is coming up in the upmarket Worli area in the city.

In a move that may bring some cheer to foreign investors in India, Farallon Capital, the US-based real estate major, has made successful exits from seven of the several joint ventures it has with the Indiabulls group for nearly Rs 1,200 crore, and made a profit of 42% in six years.

In one of the largest promoter-led fund infusion in the real estate sector in recent times, Sameer Gehlaut, the founder and promoter of indiabulls real estate (IBREL) is investing Rs 538 crore to increase his stake in the company from 27% to 37% through preferential allotment.

The government’s investigation hasn’t found any significant financial irregularities in the operations of the Indiabulls group, according to people familiar with the matter.

Post the reorganization, the "Indiabulls" reference would be deleted from the power businesses.Rattan and Mittal would also step down from the board of IBHFL.

A subsidiary of indiabulls real estate emerged as the highest bidder for Voltas Ltd’s 7.2 acre land parcel in Thane on Friday.

indiabulls real estate picked up its fourth National Textiles Corporation (NTC) property in Mumbai after it won the bid for the over-eight-acre Bharat Textiles Mills land near Worli Naka for Rs 1,505 crore on Friday.