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Share price of Indiabulls Real Estate added nearly 3 percent intraday Wednesday as it has signed an agreement to acquire India Land & Properties for Rs 685 crore.
The company's wholly owned subsidiary Indiabulls Infrastructure has signed a definitive agreement to acquire 100 percent share capital of India Land and Properties (ILPL), for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services, which is a wholly owned subsidiary of Indiabulls Ventures.
The deal is expected to be completed in the current financial year and post the completion of the deal ILPL will become 100 percent wholly owned subsidiary of the company.
ILPL owns a commercial complex of 3 towers with total constructed area of 2.67 million square feet and leasable area of 1.94 million square feet, spread over total land of over 8.84 acres at Ambattur Industrial Estate, Chennai.
At 12:23 hrs Indiabulls Real Estate was quoting at Rs 83.75, up Rs 2.20, or 2.70 percent on the BSE.
Posted by Rakesh Patil
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