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Indiabulls Real Estate plans to buyback its fully paid-up equity shares of face value Rs 2 each from existing shareholders. The company plans to pay Rs 75 per share with the buyback size not exceeding Rs 450 crore. The scrip closed at Rs 46.75, down 0.64 per cent from its previous close on the BSE.
The company plans to buy back 6 crore shares, which would sum up to approximately 12.66 per cent of the pre buyback equity shares of the company. Indiabulls Real Estate will buyback a minimum of5 million equity shares.
The buyback will open on February 21 and last till December 14. The shares will be accepted within seven days of the relevant payout dates of the stock exchanges. The shares will be extinguished within 15 days of the acceptance.
Currently, the promoters hold 35.78 per cent of the existing equity capital which is expected to go up to 41.25 per cent after the buyback. Karvy Investor Services Ltd is the manager to the buyback.
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