Indiabulls Real Estate rebounds on share buyback plan
Indiabulls Real Estate has moved higher by 4% to Rs 70.80 on BSE, bouncing back 14% from intra-day low, after the company announced that the board will meet on November 24, to consider buyback of equity shares.
“A meeting of the board of directors of the company will be held on November 24, 2016, inter alia, to consider the proposal of Buy-back of equity shares of the company,” Indiabulls Real Estate said.
As of September 30, the promoters held 47.55% stake in the company. The remaining 52.45% holdings are with the others include bodies corporate (20.99%), foreign portfolio investors (12.14%) and individual shareholders (7.67%).