Indiabulls Real Estate to consider share buyback; Stock gains over 5%

Indiabulls Real Estate informed that its board will consider share buyback proposal in a meeting to be held on Friday. Indiabulls Real Estate Ltd (IBRL) informed that its board will consider share buyback proposal in a meeting to be held on Friday. In a statement to the stock exchanges yesterday post market hours, IBR stated that its board will meet on Friday i.e. May 18, 2018, to consider a proposal of buyback of equity shares of the company. IBR reported a nearly 21-fold jump in consolidated profit in Q4FY18 to Rs1,648.3cr. The company's total revenue also rose to Rs2,028cr in the fourth quarter from Rs437cr in the corresponding period of the previous year. This year in March, IBR sold 50% stake in 2 subsidiaries to private equity fund Blackstone group. The equity value of Indiabulls’ newly formed JV portfolio with Blackstone is Rs2,250cr. Indiabulls Real Estate Ltd is currently trading at Rs195.60 up by Rs9.5 or 5.1% from its previous closing of Rs186.10 on the BSE.

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