Indiabulls Housing completes disposal of 100% stake in four of its subsidiaries for Rs580 crore

26 Aug 2022 , 02:06 PM

Indiabulls Housing Finance Limited informed that with the satisfactory completion of closing conditions and transfer of the Company’s 100% shareholding/stake in said subsidiaries, the Transaction got concluded on August 25, 2022.

This announcement is in furtherance of the notification dated January 25, 2022, in relation to the sale of the Company’s 100% stake in its subsidiaries, namely Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited, and Flora Land Development Limited to an independent third-party buyer ‘Elan Limited’ for an aggregate sale consideration of Rs580 crore, subject to necessary closing adjustments.

Flora Land Development owns the land parcel at Village Pawala Khusrupur, Sector 106, Tehsil, and District Gurugram, Haryana.

With the completion of this transaction, Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited ceased to be subsidiaries of the Company effective from August 25, 2022.

At around 2.10 PM, Indiabulls Housing was trading at Rs136.45 down by Rs0.3 or 0.22% from its previous closing of Rs136.75 on the BSE. The scrip touched intraday high and low of Rs139.80 and Rs134.25 respectively.

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