Indiabulls Real Estate tanks 10% after promoters sold 3.3 crore shares

NEW DELHI: Shares of Indiabulls Real Estate cracked nearly 10 per cent on Thursday after the company informed bourses that its promoter group entity IBREL IBL Scheme Trust sold 3.3 crore shares of the company for about Rs 662.83 crore through an open market transactions.

The scrip was trading 14.18 per cent down at Rs 182.40 around 3 pm (IST) to eventually end the session 9.76 per cent down at 191.80. The scrip opened at Rs 213.70 and touched a high and low of Rs 213.90 and Rs 173.15, respectively, during the trade.

The sale proceed would be utilised by the company for its ongoing business and general corporate purpose.

"IBREL IBL Scheme Trust, of which Indiabulls Real Estate Ltd is the sole beneficiary, has sold 3.3 crore shares of the company, on 22nd June 2017 at the stock exchanges, and has realised approx Rs 662.83 crs at an average price of about Rs 200.85 per share," the filing said.

At the end of the last fiscal, IBREL IBL Scheme Trust held 4.25 crore shares, representing 8.89 per cent stake in Indiabulls Real Estate. Promoters held 50.35 per cent stake in the company as on March 31, 2017.

Indiabulls Housing Finance and Indiabulls Ventures were down by 0.64 per cent and 2.23 per cent at Rs 1,113.75 and Rs 186.25, respectively.