The scrip of Indiabulls Real Estate slumped nearly 10 per cent today after its promoter group entity IBREL IBL Scheme Trust sold 3.3 crore shares of the company for about Rs 662.83 crore. The stock tanked 9.76 per cent to settle at Rs 191.80 on BSE. Intra-day, it tumbled 18.53 per cent to Rs 173.15. At NSE, shares of the company plummeted 9.79 per cent to close at Rs 192. The company’s market valuation also declined by Rs 1,063.75 crore to Rs 9,104.25 crore.
On the volume front, 463.98 lakh shares of the company were traded on BSE and over 8 crore shares changed hands at NSE during the day. The fund would be utilised by the company for its business and general corporate purpose, Indiabulls Real Estate informed BSE.
“IBREL IBL Scheme Trust, of which Indiabulls Real Estate is the sole beneficiary, has sold 3.3 crore shares of the company, on June 22, 2017 at stock exchanges, and has realised approximately Rs 662.83 crore 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.