Board approves Buyback of equity shares

• Security Code: 532832
• Company: EMBDL

Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company has, at its meeting held on May 18, 2018, has approved the proposal of Buy-back of up to 2.6 Cr fully paid-up equity shares of Rs. 2/- each of the Company, being approx. 5.45% of existing paid-up share capital of the Company, (“Maximum Buy-back Offer Shares”) at
prevailing market price on Stock Exchanges subject to a price not exceeding Rs. 240 per equity share (“Maximum Buy-back Offer Price”), aggregating up to an amount not exceeding Rs. 624 Cr, being less than 10% of total paid-up share capital and free reserves of the Company (“Maximum Buy-back Offer Size”), (excluding “Transaction Costs” i.e. brokerage costs, filing fees, advisors fee, public announcement expenses, other charges, stamp duty and taxes such as securities transaction tax, GST etc), from the open market through the Stock Exchange mechanism, in accordance with the provisions contained in SEBI (Buy Back of Securities) Regulations, 1998 (“Buyback Regulations”). The Maximum Buy-back Offer Price has been arrived at considering market price of the equity shares of the Company during last 6 months. The proposed buy-back will make the balance sheet of the Company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity.

The public announcement setting out the process, timelines and other statutory details will be released in due course in accordance with the Buyback Regulations. The Board has also formed a committee to oversee and implement the buy-back and to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, proper and expedient in connection with the buy-back.