Rs 48 lakh settlement with SEBI, Rs 3,500 crore gain in market cap; Indiabulls shares surge in this style

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Published: December 12, 2018 6:09:23 PM

Shares of Indiabulls Ventures surged nearly 17 percent Wednesday after company promoters settled a case with market regulator SEBI, resulting in Rs 3446.27 crore surge in market capitalisation.

Shares of Indiabulls Ventures surged nearly 17 percent Wednesday after company promoters settled a case with market regulator SEBI, resulting in Rs 3446.27 crore surge in market capitalisation.

Shares of Indiabulls Ventures surged nearly 17 percent Wednesday after company promoters settled a case with market regulator SEBI, resulting in Rs 3446.27 crore surge in market capitalisation. The stock closed higher 57.07 points, or 16.84 percent, to Rs 395.75 on BSE today. Intra-day, it surged 19.98 percent to Rs 406.4. The stock had previously closed at 338.70 only to open at Rs 342 today.

On Tuesday promoter Sameer Gehlaut and five other promoter entities settled a SEBI probe into the alleged violation of ‘takeover regulations’ after paying Rs 48 lakh towards settlement fee.

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The company has  60,49,61,836 number of outstanding shares. While company’s market valuation for today stood at Rs 23,942.05 crore, yesterday’s market capitalisation was Rs 20,490.05 crore on the BSE. Therefore, Rs 3446.27 crore is the surge in market capitalisation today on account of rise in share price.

Meanwhile, the markets regulator had initiated adjudication proceedings against these promoter entities in January this year for alleged violations of provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms in the matter of Indiabulls Ventures. However, Gehlaut, Orthia Properties, Orthia Constructions, Zelkova Builders, Innus Properties and Innus Developers approached the regulator with a plea to settle the matter “without admitting or denying the findings of fact and conclusions of law.”

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