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Indiabulls Real Estate drops 5% on share buyback nod

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NEW DELHI: Indiabulls Real Estate declined over 5 per cent on Monday as the company approved a share buyback proposal. The stock fell 5.08 per cent to plumb a low of Rs 195.25 on the BSE this morning. The board on Friday approved the Rs 624-crore share buyback for nearly 5.5 per cent of its shares at a price of up to Rs 240.

The chief objective, the company said, is to optimise returns to shareholders without compromising on high growth opportunities. “The proposed buyback will make the balance sheet of the company leaner through reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity,” it added. In March, Indiabulls Real Estate had sold 50 per cent of its Mumbai assets, One Indiabulls and Indiabulls Financial Centre business towers, to US-based private equity giant Blackstone at an enterprise value of Rs 9,500 crore, TOI reported.

For 2017-18, the company had reported a net profit of Rs 2,015 crore.




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