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Indiabulls Real Estate Ltd's (IBREL) sales bookings jumped over two-fold to 874 crore during the first six months of this fiscal year on revival of housing demand.

According to an investors presentation, new sales stood at 874 crore in the first half of this fiscal year from 368 crore in the corresponding period of the previous year.

Meanwhile, the gross collections also increased by over 130% to 654 crore in the first half of current fiscal from 284 crore in the year-ago period.

On Thursday, Indiabulls reported a consolidated net profit of 5.64 crore for the quarter ended September as against a net loss of 76 crore in the year-ago period.

Total income in the second quarter of this fiscal rose to 381.24 crore from 50.70 crore in the corresponding period of the previous year.

Consolidated debt of the company net of cash and liquid investments is 967 crore as on September 30, 2021 vs 2,025 crore as on March 31, 2020 wherein total sold receivables and completed inventory in hand is 3,369 crore as on date.

The Mumbai-based realty frim has also announced that Sameer Gehlaut will be leaving the office of non-executive director and chairman of the company by the end of the year.

Gehlaut will now be focusing on Dhani Services Ltd. He has informed the board that he would resign as Chairman by the end of this year and submitted his resignation effective from December 31, 2021.

The resignation of Gehlaut comes amid the proposed merger of IBREL projects with Bengaluru-based Embassy group.

After the conclusion of merger process, Embassy group will become main promoter.

On proposed merger of its assets with Bengaluru-based realty firm Embassy group, IBREL said that it has got regulatory approvals from the Competition Commission of India (CCI), the NSE, the BSE and the Securities and Exchange Board of India (SEBI).

The company has filed the requisite joint application with the NCLT for approval to the scheme of merger.

"The application for approval of merger with NCLT is listed in the current quarter," it said.

Last year, Embassy Group entered into a definitive agreement to merge its certain residential and commercial projects with IBREL through a cash-less scheme of amalgamation. Embassy Group will become the promoters of the merged entity.

Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies.

Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects.

Under the terms of the agreement, the IBREL's shares are being valued at 92.5 per share.

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