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  1. Indiabulls Real Estate zooms 40% on biz rejig plans

Indiabulls Real Estate zooms 40% on biz rejig plans

The stock was the biggest gainer on the BSE Realty index and it contributed 74.22 points to the overall index. On the NSE, the stock rose 42.04% to close at `150.35. The market cap of Indiabulls Real Estate increased by `2,143 cr on Monday.

By: | Mumbai | Published: April 18, 2017 6:16 AM
The stock was the biggest gainer on the BSE Realty index and it contributed 74.22 points to the overall index. (PTI)

The stock of Indiabulls Real Estate on Monday rose sharply 40%, adding more than `2,000 crore to its market valuation, after the company announced plans to restructure its business by demerging commercial and residential into separate companies. The stock soared 39.96% to end at `148.15 on BSE. During the day, it rallied 42.56% to `150.90 – its 52-week high. The BSE Realty index ended 8.82% higher to end at 1,875.70 points. In the past five trading days, the stock has rallied 25%.

The stock was the biggest gainer on the BSE Realty index and it contributed 74.22 points to the overall index.
On the NSE, the stock rose 42.04% to close at `150.35. The market cap of Indiabulls Real Estate increased by `2,143 crore on Monday, according to Bloomberg data.

The company in a BSE filing said that it has considered the possibility of streamlining the existing residential, commercial and leasing businesses. The commercial and leasing business verticals will be created under Indiabulls Commercial Assets Limited as a separate holding company in the case of restructuring. The new entity will seek listing of shares in case of reorganisation by way of demerger of the company. “As the case may undertake the commercial and leasing business and would be primarily focused on annuity business through rental income of existing portfolio and future projects,” the company said.

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