Indiabulls Real Estate jumps after FIM stake in joint venture
Published: 19th August 2013 01:18 PM
Last Updated: 19th August 2013 01:18 PM
Indiabulls Real Estate, one of the largest
real estate companies in India, surged on Monday after it purchased
the entire stake of US based fund, FIM, in its 7 project
subsidiaries for a total consideration of Rs 11.72 billion. FIM, a
FVCI of Farallon Capital Management LLC, held 49% equity stake in
these JVs and had invested Rs 8.47 billion in 2007.
With the purchase of Farallon's entire stake, these project
subsidiaries will now be 100% owned by Indiabulls Real Estate.
These projects companies are currently building residential
apartments in over 120 acres in Gurgaon, 160 acres in other regions
of NCR, Delhi and 15 acres in Chennai.
Shares of Indiabulls Real Estate are
trading at Rs 58.75, up Rs 1.7, or 2.98% at the Bombay Stock
Exchange (BSE) on Monday at 12:15 p.m.The scrip has touched an
intra-day high of Rs 59.85 and low of Rs 55.50. The total volume of
shares traded at the BSE is 494,135.In the earlier session, the
shares fell 6.4%, or Rs 3.9, at Rs 57.05.Currently, the stock is
trading down 32.7% from its 52-week high of Rs 87.30 and above
40.72% over the 52-week low of Rs 41.75.
Share Price Movement
Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 68.40 (5.00) (7.31)
1 Month 76.80 (13.40) (17.45) 3 Months 53.60 9.80 18.28 6 Months
71.30 (7.90) (11.08) 1 Year 58.40 5.00 8.56 Note: Based on previous
day closing price.