Indiabulls Real Estate surges 15% as Blackstone looks to buy entire promoter stake

NEW DELHI: Shares of Indiabulls Real Estate surged 15 per cent to Rs 151 in Friday's session on reports that Blackstone may acquire the promoters' stake in the company.

PTI reported that the US-based investment firm Blackstone may acquire Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around $1 billion.

Blackstone might buy promoters' total 39 per cent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group, the report added, quoting sources.


Indiabulls Group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of Indiabulls Housing Finance with the Lakshmi Vilas Bank.

Early 2018, Indiabulls had sold 50 per cent stake in its two prime commercial assets in Mumbai to Blackstone for an enterprise value of Rs 9,500 crore.

Indiabulls has an equal joint venture with Blackstone. The JV has 3.3 million sq ft completed asset with annuity income of Rs 670 crore, while 0.8 million sq ft is under construction.

The stock pared gains and closed 2.58 per cent down at Rs 128.20 on BSE.