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S&P
BSE SENSEX
72,488.99
-454.69
-0.62 %
Corporate Announcement
Security Code
532832
Company
Indiabulls Real Estate Ltd
Exchange Received Time
06/07/2018 11:01:04
Exchange Disseminated Time
06/07/2018 11:01:13
Time Taken
00:00:09
Update On Sale Of Commercial Assets At Chennai |
07/06/18 11:01
Further to intimations dt. 14.02.2018 & 03.05.2018, pls note that Company's Board constituted Committee has today authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which Co. will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the Co., and will realise a gross value of approx. Rs 850 Cr, subject to adjustments, if any, basis certain assets and liabilities on closing (Transaction).
Subject to satisfaction of closing conditions, the Transaction is to be completed in tranches by 30.09.2019. The Transaction is pursuant to and in terms of Co's Shareholders authorization dt 23.03.2018, to facilitate re-organization of Co's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets
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