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Indiabulls Real Estate reveals transfer of shares among Embassy group entities after internal restructuring; Stock soars ~3%

Total 6,30,95,240 equity shares of the company held by Embassy Property Developments have been transferred to Nam Estates which has in turn entered into SPA with Embassy Realty Ventures.

October 07, 2021 10:52 IST | India Infoline News Service
Indiabulls Real Estate Limited informed the exchanges that after an internal restructuring amongst the Embassy group entities, 6,30,95,240 fully paid equity shares of the face value of Rs2 each of the company held by Embassy Property Developments Private Limited have been transferred to Nam Estates Private Limited, another Embassy Group entity.

It further said, NAM has entered into a Securities Purchase Agreement with Embassy Realty Ventures Limited and accordingly has done an off-market transfer on October 04, 2021, of the, said 6,30,95,240 fully paid equity shares of the face value of Rs2 each of Indiabulls Real Estate.

The company stock was bullish on Thursday amidst upbeat markets and at around 10.56 am, Indiabulls Real Estate Ltd was trading at Rs151.55 per piece up by Rs4.15 or 2.82% from its previous closing of Rs147.40 per piece on the BSE. The scrip opened at Rs149.95 and has touched a high and low of Rs153.20 and Rs149.85 respectively.

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