Indiabulls Real Estate approves buy-back plan at a premium
DSIJ Intelligence / 24 Nov 2016
Indiabulls Real Estate’s Board of directors has approved the proposal of buy-back of up to 6 crore fully paid-up equity shares of Rs 2 each of the company on November 24, 2016.
Indiabulls Real Estate’s Board of directors has approved the proposal of buy-back of up to 6 crore fully paid-up equity shares of Rs 2 each of the company on November 24, 2016. The company’s buy-back is approximately 11.8 per cent of existing paid-up share capital.
The company has fixed band for price not exceeding Rs 90 per equity share (Maximum Buy-back Offer Price). Its offer price is almost 30 per cent from the current trading price.
Indiabulls Real Estate will collect an amount not exceeding Rs 540 crore, being less than 10 per cent of total paid-up capital and free reserves of the company. Its proposed buy-back will make the balance sheet of the company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity.
The share price of Indiabulls Real Estate increased by 3.4 per cent on bourses in early trades and is trading at Rs 67.9 on an intraday basis.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.