Indiabulls Real Estate (IBREL) has decided to buy majority stake in the London-listed property fund Dev Property Developers (DPD) to gain majority control over two of its valued properties in Mumbai.
IBREL has acquired more than 90% in Dev for about Rs 1,100 crore. The stake has been purchased from the three major shareowners of Dev Property, which includes Fidelity, Government of Singapore and HSBC.
Indiabulls Financial Services went up 1.51% to Rs 655 after a block deal of 13.7 lakh shares was struck at Rs 655.50 per share on BSE.
The scrip touched a high of Rs 664.95 and a low of Rs 647 during the day. There were 18.06 lakh shares for trading on the counter.
In the last three months, the stock had an average daily volume of 11.22 lakh shares on BSE.
The company’s equity capital is Rs 44.55 crore, with 22.27 crore outstanding shares with a face value of Rs 2 each.
Indiabulls Real Estate (IBREL) has decided to buy majority stake in the London-listed property fund Dev Property Developers (DPD) to gain majority control over two of its valued properties in Mumbai. 
Indiabulls Financial Services went up 1.51% to Rs 655 after a block deal of 13.7 lakh shares was struck at Rs 655.50 per share on BSE. 
