Indiabulls Real Estate promoter sells shares worth Rs 542 crore

Indiabulls Real Estate's promoter firm Kritikka Infrastructure on Monday sold 2.3 crore shares of the company for over 542 crore through open market transactions.

According to the bulk deal data available with NSE, the promoter offloaded 1.45 crore shares, or 3.05 percent stake, of the realty firm.

The shares were disposed of at an average price of Rs 236.26 apiece, valuing the transactions at Rs 342.57 crore, the data showed.

Kritikka Infrastructure sold another 85 lakh shares, amounting to 1.79 percent stake in the realty firm on BSE for an estimated Rs 199.94 crore. The shares were sold at an average rate of Rs 235.23 apiece.

The promoter firm in-total disposed of 4.84 percent stake in Indiabulls Real Estate.

The buyer(s) of the shares could not be ascertained immediately.

Promoters held 43.78 percent stake at the end of the June quarter. Kritikka Infrastructure held 3,99,87,084 shares, 8.43 percent stake, in the company.

In June, another promoter group entity IBREL IBL Scheme Trust had sold 3.3 crore shares of the company for about Rs 662.83 crore through an open market transactions.

"The sale proceeds would be used for meeting company’s funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its board," the company had said in June.

In July, IBREL IBL Scheme again sold 77 lakh shares of the company for an estimated Rs 178 crore through an open market transaction.

Shares of Indiabulls Real Estate ended the day on NSE at Rs 237.90, down 5.12 per cent from the previous close.