New Delhi: The real estate arm of Indiabulls Group, Indiabulls Real Estate Limited (IBREL), on Friday got listed at Rs 380.05 on the Bombay Stock Exchange.
IBREL recently de-merged from Indiabulls Financial Services Limited (IBFSL), hit highs of Rs 414.80 per share in early trade and over 12.97 lakh shares were traded on the BSE. The face value of the stock is Rs 2 each.
Pursuant to the scheme of arrangement, between Indiabulls Financial Services Limited (IBFSL), Indiabulls Real Estate Limited (IBREL) and their respective shareholders and creditors, the real estate undertakings of IBFSL got de-merged and vested in IBREL on a going concern basis.
As per the scheme of arrangement, IBREL on February 4, issued over 16.86 crore equity shares of Rs 2 each in the exchange ratio of 1:1, that is one equity share of Rs 2 each was issued for one equity share of the same value held in IBFSL.
IBREL has also issued an equal number of warrants to the existing warrant holders of IBFSL. Further, IBREL allotted Rs 1.10 crore equity shares of Rs 2 each at premium of Rs 68 per share upon conversion of warrants to the promoters of the company on January 9.
The total value of Indiabulls Real Estate Ltd's effective ownership (as on December 21, 2006) in the project companies undertaking developments was pegged at Rs 15,125 crore, according to Knight Frank, a leading international real estate consultancy firm.
(With agency inputs)
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