Indiabulls Real Estate buys back 5 cr shares for Rs 273 cr

Indiabulls Real Estate Ltd today said it has bought back five crore equity shares from the shareholders through the open market for about Rs 273 crore. In a filing to the BSE, Indiabulls Real Estate Ltd has bougt back 5 crore equity shares under the scheme, which is 83.33 percent of the total offer.

Total amount invested in the buyback is Rs 273.20 crore, including brokerage and taxes, it added. "Overall, the equity shares were bought back at an average price of Rs 54.64 per share," the company said.

After the buyback, the promoters' stake in the company has gone up to 44.38 percent from the earlier 39.70 per cent. The company had earlier announced the buyback of up to six crore equity shares of Rs 2 each from the existing shareholders from the open market.

The company had said buyback of shares would not be at a price not exceeding Rs 75 a share. Shares of the company today closed at Rs 74.70 apiece, down 0.65 percent on the BSE.

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