New Delhi: Indiabulls Real Estate plans to buy back Rs 500 crore worth of its equity shares.
“Post completion of ongoing scheme of arrangement of Chennai assets on 19th March 2020, the company is eligible to launch the buyback”, the company said in a regulatory filing.
The buyback committee set up by the board of the company has asked the management of Indiabulls Real Estate to start the process of obtaining shareholders’ approval through postal ballot to implement this proposed buyback.
This buyback is likely to be consummated by the next quarter or in the following one.
The shares of the company are trading at Rs 39.05 per share in the morning trade today.
The share price was Rs 79.85 per share on 26 February, 2020. There has been a sever meltdown of the equities on the stock exchanges.
In November 2019, Indiabulls Real Estate’s board had approved buyback of up to five crore fully paid-up equity shares of a face value of Rs 2 each at Rs 100 a share, aggregating to total buyback size of Rs 500 crore. The five crore shares would be about 11 percent of its total existing paid-up equity capital.