Indiabulls Real Estate to Buy Back Shares Up to Rs 500 Cr

New Delhi, Mar 25 (PTI) Indiabulls Real Estate on Wednesday said it will initiate process to buy back equity shares worth up to Rs 500 crore.

In November last year, the company's board approved buyback of up to 5 crore fully paid-up equity shares of a face value of Rs 2 each, representing about 11 per cent of its total existing paid-up equity capital, at Rs 100 a share, aggregating to total buyback size of Rs 500 crore.

In a regulatory filing, Indiabulls Real Estate said that "post completion of ongoing scheme of arrangement of Chennai assets on 19th March 2020, the company is eligible to launch the buyback".

The board-constituted buyback committee has advised the company management to initiate the process of obtaining shareholders' approval through postal ballot to implement the proposed buyback.

The proposed buyback is expected to be completed in the next quarter or in the following one depending on the lockdown situation, it added.

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