Indiabulls Real Estate acquires 34 million shares via buyback tender offer

Highlights:

1. It has bought back 3,40,46,000 equity shares utilising a total of Rs 272,05,61,603 which represents 50.38% of the maximum buyback size

2. Its equity shares were bought back at an average price of Rs 79.91 per equity share

3.  After the share buyback, Indiabulls Real Estate's founders group holding in the company stands at 50.92% as against 47.50% earlier

4. The public shareholding in the company now stands at 49.1% as against 52.5% earlier  

Indiabulls Real Estate announced on Wednesday of acquiring 34 million equity shares via buyback tender offer through the open market from stock exchanges.

"The company has bought back 3,40,46,000 equity shares utilising a total of Rs 272,05,61,603 which represents 50.38% of the maximum buyback size," cited Indiabulls Real Estate in a filing to the BSE. 

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"The highest price at which the equity shares were bought back was Rs 90.00 per equity share, while the lowest price was Rs 67.00 per equity share," it added.

ALSO READ: Indiabulls Real Estate to buyback 6 crore shares for Rs 540 crore 

The real estate company's equity shares were bought back at an average price of Rs 79.91 per equity share.

After the share buyback, Indiabulls Real Estate's founders group holding in the company stands at 50.92% as against 47.50% before its share buyback announcement.

The public shareholding in the company now stands at 49.1% as against 52.5% earlier.

D & A Financial Services was the merchant banker to Indiabulls Real Estate who facilitated the share buyback programme.

On Wednesday, the stock of Indiabulls Real Estate closed up 7.84% or Rs 7.15 at Rs 98.40 on the BSE.

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Indiabulls Real Estate is a real estate company with presence in residential, commercial and Special Economic Zone (SEZ) segment.