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| Exchange Received Time 23/03/2018 23:19:01 Exchange Disseminated Time 23/03/2018 23:19:03 Time Taken 00:00:02 | Furtherance to intimation of 14.02.2018, pls be informed that the Co's WOSs, pursuant to their Board authorizations, have executed transaction documents with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, to divest their entire holding in certain subsidiaries and thereby indirectly divesting 50% stake in Indiabulls Properties Pvt Ltd (IPPL) and Indiabulls Real Estate Company Pvt Ltd (IRECPL) at an aggregate enterprise value of approx. USD 1461.5 Million equivalent to Rs. 9,500 crores (Transaction).
Substantial part of sale proceeds would be utilized towards repayment of existing debts of the Company and its subsidiaries, and for achieving sustainable long term growth and for further strengthening of their on-going businesses. Subject to satisfaction of closing conditions, the Transaction is expected to be concluded during this financial year. Post which, the Company will cease its sole control over IPPL & IRECPL
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