Indiabulls Real Estate Ltd.: Promoters sell additional 4.4% stake in Indiabulls Real Estate
In total they have sold 7.5% stake in the company in the last 10 days. With this, the promoters group led by founder Sameer Gehlaut have trimmed their stake to 15.7%. Prior to this, promoters had sold around 3.1% stake in the company through similar open market transactions between March 8 and 10.
The promoters of the company are reducing their stake ahead of the completion of its merger with Embassy Group. The merger has already received nod from the Competition Commission of India (CCI), the stock exchanges, and the Securities & Exchange Board of India (Sebi).
The companies are now in the process of filing a requisite application with the NCLT for its approval.
Following the completion of the merger, the combined listed entity will be 44.9% owned by Embassy Group, 26.2% by the existing public and institutional shareholders, 9.8% by existing IBREL promoter group and around 19.1% by the Blackstone group and other Embassy institutional investors.
Embassy Group already holds 14% of listed Indiabulls Real Estate and once the merger gets concluded later this year it will become the promoter of the combined entity.
