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Indiabulls Real Estate will buy back equity shares worth up to Rs 500 crore

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The proposed buyback is expected to be completed in the next quarter or in the following one depending on the lockdown situation, it added.

Indiabulls Real Estate on Wednesday said it will initiate process to buy back equity shares worth up to Rs 500 crore.

In November last year, the company’s board approved buyback of up to 5 crore fully paid-up equity shares of a face value of Rs 2 each, representing about 11 per cent of its total existing paid-up equity capital, at Rs 100 a share, aggregating to total buyback size of Rs 500 crore. 

In a regulatory filing, Indiabulls Real Estate said that “post completion of ongoing scheme of arrangement of Chennai assets on 19th March 2020, the company is eligible to launch the buyback”. 

The board-constituted buyback committee has advised the company management to initiate the process of obtaining shareholders’ approval through postal ballot to implement the proposed buyback. 

The proposed buyback is expected to be completed in the next quarter or in the following one depending on the lockdown situation, it added.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline has been changed.)

ALSO READ: Moody’s downgraded Indiabulls Housing Finance with a negative outlook

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1 Comment

1 Comment

  1. dhruv

    April 22, 2020 at 11:35 am

    thanks for your post, i have found it very usefull or informable i also found same subject blog on a website of real estate company in patna

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