Indiabulls Real to spin off wholesale trading biz

Indiabulls Real to spin off wholesale trading biz

Mumbai: Indiabulls Real Estate said on Friday its board has approved spinning off wholesale trading business unit, which will be listed on the Indian stock exchanges.

Indiabulls Wholesale Services Ltd will issue one equity share to the existing investors for every 1 held in the parent, the real estate firm said in a statement to the Bombay Stock Exchange.

The demerger is expected to unlock value and also streamline the operations and ownership of the company, it had said earlier in a notice to the stock exchange.

Indiabulls Wholesale Services is the founder of Store One Retail India Ltd, a group firm, according to its website.

The unit will also issue global depository receipts, which are proposed to be listed on the Luxembourg Stock Exchange.

Shares in Indiabulls Real Estate were down 2.27% at Rs161.15 in a flat Mumbai market.