Indiabulls Real Estate (IBREL) locked in 5 percent upper circuit on January 31 after the company approved merger of some projects of Embassy Property Developments.
Embassy is in discussions with financial investors such as The Blackstone Group Inc and others to raise up to $200 million before the merger.
This equity investment of $200 million will bring significant cash for the merged entity to expand its business operations.
IBREL will issue its equity shares of face value of Rs 2 each to Embassy shareholders,
Under the proposed merger, certain ongoing, completed and planned residential and commercial projects of Embassy will get merged and stand transferred to IBREL.
There were pending buy orders of 76,151 shares, with no sellers available.At 1433 hours, Indiabulls Real Estate was quoting at Rs 107.20, up Rs 5.10, on the BSE.