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.
Nifty Auto is the underperforming sector, down over a percent dragged by Tata Motors which shed 5 percent followed by Tata Motors DVR, Motherson Sumi Systems, Maruti Suzuki and Hero MotoCorp.
The top Nifty gainers include Cipla, Indiabulls Housing Finance, ONGC, Zee Entertainment and Kotak Mahindra Bank while TCS, Hindalco Industries, HCL Tech, Hero MotoCorp and HDFC are the top losers.
The breadth of the market favoured the declines with 761 stocks advancing and 961 declining while 356 remained unchanged. On the BSE, 1160 stocks advanced, 1,451 declined and 162 remained unchanged.
The breadth of the market favoured the advances with 1225 stocks advancing and 488 declining while 364 remained unchanged. On the BSE, 1692 stocks advanced, 960 declined and 141 remained unchanged.
290 stocks have hit new 52-week low on the NSE including names like Indiabulls Housing Finance which fell 4 percent followed by Vedanta, Mahindra & Mahindra, NTPC, JSW Steel, MRF, Motherson Sumi Systems and Coal India among others.
The breadth of the market favoured the declines with 658 stocks advancing and 1029 declining while 369 remained unchanged. On the BSE, 868 stocks advanced, 1389 declined and 128 remained unchanged.
The breadth of the market favoured the advances with 1010 stocks advancing and 667 declining while 379 remained unchanged. On the BSE, 1286 stocks advanced, 1015 declined and 149 remained unchanged.
Manpasand Beverages, Indiabulls Real Estate, Dish TV India, are some of the companies where promoters increased their holding but stocks remained underperformer.
Indiabulls Real Estate said the transaction will close in the current financial quarter.
In November, the company had announced signing of a non-binding term sheet to divest 50 percent stake in these two assets having nearly 8 lakh sq ft leasable area.
The restructuring will facilitate proposed divestment of the company's assets in Chennai to Blackstone Group.
The breadth of the market favoured the advances with 764 stocks advancing and 913 declining while 384 remained unchanged. On the BSE, 1157 stocks advanced, 1297 declined and 142 remained unchanged.
We expect the stock to move higher towards its potential target of Rs89 in the medium term, says Hadrien Mendonca of IIFL.
The breadth of the market favoured the advances with 831 stocks advancing and 685 declining while 532 remained unchanged. On the BSE, 889 stocks advanced, 625 declined and 77 remained unchanged.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 42 points or 0.39 percent. Nifty futures were trading around 10,784-level on the Singaporean Exchange.