Indiabulls Real Estate shares rally on buyback speculation

Reuters Posted online: Tuesday, Nov 19, 2013 at 0000 hrs
Mumbai : Shares in Indiabulls Real Estate Ltd gain as much as 5.7 percent on widespread market speculation that the company was considering a share buyback, according to traders.

Traders cited speculation that Indiabulls Real Estate Ltd plans to buy back 8 billion rupees ($128.1 million) worth of shares.

An Indiabulls executive did not confirm or deny the speculation.

"All measures to protect shareholder value are on the table subject to regulatory and board approval," said Ajit Mittal, group executive director, Indiabulls Group.

($1 = 62.4450 Indian rupees)