Indiabulls raises 200 cr from IL&FS Trust

Indiabulls raises 200 cr from IL&FS Trust

New Delhi: Indiabulls Real Estate has sold a 9.36% stake in a subsidiary developing Bharat Textile Mills land in Mumbai to IL&FS Trust for 200 crore.

In a filing to the Bombay Stock Exchange, Indiabulls Real Estate informed that IL&FS Trust Company and its group of investors have invested 200 crore to pick up a 9.36% stake in Indiabulls Infraestate.

The deal was struck at a valuation of 2,136 crore, which is at a premium of 555.7 crore to the price of 1,580.3 crore paid by Indiabulls to acquire the Bharat Mills land.

The company’s shares closed at 56.75 apiece on the BSE on Monday, up by 1.34%.