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Shares of Indiabulls Real Estate fell 5 per cent even as the company

Shares of Indiabulls Real Estate fell 5 per cent even as the company said it will initiate the process to buy back equity shares worth up to Rs 500 crore.

The stock fell 4.9 per cent to hit a low of Rs 36.85 on BSE. The scrip Real Estate News has plunged 44 per cent year-to-date compared with a 29 per cent fall in the Sensex during the same period.

The company's board had in November last year approved buyback of up to 5 crores fully paid-up equity shares, 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 the ongoing scheme of arrangement of Chennai assets on March 19, the company is eligible to launch the buyback".

The board-constituted buyback committee has advised the company Press Release Distribution Services For Real Estate management to initiate the process of obtaining shareholders' approval through the 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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