Indiabulls Real Estate dipped 7% to Rs 232 in intra-day on BSE after more than eight percentage points of total equity of real estate developer changed hands in multiple block deals.
At 10:36 am, the stock was trading 5% lower at Rs 238 on BSE and NSE. A combined 41.89 million shares representing 8.8% of total equity of Indiabulls Real Estate have changed hands on both the exchanges, data shows.
The name of the buyers and sellers were not ascertained immediately.
The promoter group entity IBREL IBL Scheme Trust had sold its entire of 8.99% in the company through open market in past two months.
“IBREL IBL Scheme Trust, of which Indiabulls Real Estate (the Company) is the sole beneficiary, has sold 33 million shares or 6.99% stake of the Company, on 22nd June 2017 at the stock exchanges, and has realised approx. Rs 662.83 crore at an average price of about Rs 200.85 per share,” Indiabulls Real Estate had said in a BSE filing.
On July 27, 2017, IBREL IBL Scheme Trust had sold its holding of 9.5 million shares of the Indiabulls Real Estate at the stock exchanges, and realized approx. Rs 220.4 crore at an average price of about Rs 232 per share.
This sale is made by the Company of its treasury shares and no share sale is done by the Founder of the Company. The sale proceeds will come in the Company and would be used for meeting Company’s funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board. With this sale, the treasury holding of Indiabulls Real Estate shares by IBREL IBL Scheme Trust is zero, the company said in a regulatory filing.
Since July 27, the stock had outperformed the market by gaining 11% as compared to 0.33% decline in the S&P BSE Sensex till Friday, September 15. In past three months it rallied 31% against 3% raise in the benchmark index.