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Indiabulls said the aim is to embark on a clear and simple path to achieve zero net debt in the current financial year through strategic divestment of its stakes in certain commercial and leasing business assets.
The company and its certain subsidiaries have agreed and finalized with entities controlled by the Blackstone Group Inc (Blackstone), to divest their entire direct/indirect stake in existing joint venture companies with Blackstone, namely Indiabulls Properties and Indiabulls Real Estate Co (both owning commercial assets at Lower Parel, Mumbai), Yashita Buildcon and Ashkit Properties (both owning commercial assets at Udyog Vihar Gurugram). Further, Indiabulls will also divest the commercial assets/development at Worli Mumbai, its rights/stake in KG Marg New Delhi and Sector 104 & 106, Gurugram.
The proposed disinvestment is undertaken for a consideration of Rs 4420 crore, subject to closing adjustments.
On the BSE, 4.52 lakh shares were traded in the Indiabulls Real Estate counter so far compared with average daily volumes of 5.29 lakh shares in the past two weeks. The stock hit a high of Rs 66.35 and a low of Rs 64.3 so far during the day.
The stock hit a 52-week high of Rs 152.55 on 18 Sep 2018. The stock hit a 52-week low of Rs 62.35 on 23 Aug 2019.
On a consolidated basis, the real estate company reported a net loss of Rs 51.86 crore in Q1 June 2019 over a net profit of Rs 117.49 crore in Q1 June 2018. Net sales rose 3.2% to Rs 836.58 crore in Q1 June 2019 over Q1 June 2018.
Indiabulls Real Estate focuses on construction and development of residential, commercial and SEZ projects across major Indian metros.
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