Indiabulls Real Estate hits 52 week high
Indiabulls Real Estate hit a 52-week high of Rs 111, up 5% on BSE in early morning trade after the real estate developer said it will restructure the real estate business by demerging commercial and residential into separate companies.
At 09:27 am; the stock was trading 2.6% higher at Rs 109, after hitting a low of Rs 104 in intra-day trade. The counter has seen huge trading volumes with a combined 10.98 million shares changed hands in first 12 minutes of trade on NSE and BSE.
In the past five trading days, the stock rallied 25% as compared to 1% decline in the S&P BSE Sensex.
“The Company’s board in its meeting today considered the possibility of streamlining its existing ‘residential’, ‘commercial’ and ‘leasing’ businesses by segregating ‘commercial & leasing’ business carried on by itself and/or through its special-purpose vehicle/SPVs and vesting the same into ‘Indiabulls Commercial Assets Ltd’ (ICAL),” Indiabulls Real Estate said in BSE filing.
The restructuring/reorganizing the company’s businesses by either restructuring by way of placing ICAL as a separate holding co under the Company to hold its assets and investments relating to ‘commercial & leasing’ business segment and to undertake the business & operations of ‘commercial & leasing’ business segment and/or explore opportunities to bring in strategic investments; or by reorganizing its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments, it added.