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| Exchange Received Time 29/03/2018 14:36:34 Exchange Disseminated Time 29/03/2018 14:36:40 Time Taken 00:00:06 | Further to intimation dated 23.03.2018 in respect of divestment by Company's wholly owned subsidiaries, of their entire holding in certain subsidiaries, 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 approximately USD 1466 Million equivalent to Rs. 9,500 crores, to the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor ('Blackstone') ('Transaction'), please be informed that with the satisfactory completion of closing conditions, the Transaction was concluded on March 28, 2018, and with this, IPPL and IRECPL have become a 50:50 joint venture of the Company and Blackstone.
Substantial portion of sale proceeds will be utilized towards repayment of existing debts of the Company and its subsidiaries, for achieving sustainable long term growth, and for further strengthening of their on-going businesses. |
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