According to the plan, Embassy Group’s real estate assets are to be amalgamated with Indiabulls Real Estate’s 31 million sq ft of assets that are currently under development.
IBREL said a panel will be constituted to value the projects proposed to be merged and arrive at a swap ratio
The regulator found that Mittal had traded in the shares of IBREL while in possession of the unpublished price sensitive information (UPSI) related to sale of shares by the company's promoter entity IBREL IBL Scheme Trust.
In June 2019, the promoters of IBREL sold 14 percent stake through open market transactions to Embassy Group for Rs 950 crore, as part of their strategy to focus on financial services and exit from realty business.
Total income fell to Rs 151.69 crore in the fourth quarter of the last fiscal from Rs 2,040.61 crore in the corresponding period of the previous year.
In a regulatory filing, Indiabulls Real Estate said that "post completion of ongoing scheme of arrangement of Chennai assets on 19th March 2020, the company is eligible to launch the buyback".
Total income for the period under review increased marginally by 2.33 per cent to Rs 1317.7 crore as compared to Rs 1,287.59 crore in Q3 FY2019.
There were pending buy orders of 76,151 shares, with no sellers available.
Industry players largely expect some GST relief, one-time subvention scheme, Single Window Clearance system, additional income tax deductions for buying house etc.
"Commercial assets/development at Mumbai is being divested through slump sale by the subsidiary of the company, which owns this Project, at an aggregate enterprise value of Rs 675 crore," the company said in a regulatory filing.
After a sharp rally seen in the past five-weeks, experts feel that the market could consolidate in a range before moving higher. Resistance placed near 12,000-12,100 levels.
At its annual general meeting (AGM) on September 28, the company's shareholders had approved a proposal to sell its London property to promoters for 200 million pounds.
The buyback price is a significant premium of 141 percent over October 10 closing of Rs 41.35.
The group will remain invested in Indiabulls Real Estate as it is a good company, CEO Jitendra Virwani says.
Indiabulls Real has informed exchanges that the meeting of the board of directors will be held on October 11.
The index formed a Bearish Belt Hold kind of pattern on the daily charts while a bearish candle on the weekly charts for the second consecutive week in a row.
According to reports, the US-based investment firm may purchase promoters' total 39 percent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group.
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