Indiabulls Real Estate closes buyback offer, buys 2.6 crore shares for Rs 443 crore
Indiabulls Real Estate Ltd on Friday closed its buyback offer after purchasing 2.6 crore shares for Rs 443 crore. In May this year, the company has announced buyback of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company at prevailing market price on stock exchanges at a price not exceeding Rs 240 apiece, up to an aggregate amount not exceeding Rs 624 crore.
The buyback was from all shareholders of the company, excluding promoters and promoter group of the company, from open market through stock exchanges.
In a regulatory filing, the Mumbai-based developer said that the board constituted committee reviewed the present status of the funds utilised and number of shares bought back by the company under its ongoing buyback offer.
The company has, till date, bought back maximum buyback offer shares, 2.6 crore shares at an average price of about Rs 170.45 per share, and has deployed about Rs 443.18 crore, excluding transaction costs, it added. Indiabulls decided to close the buy-back offer.