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Indiabulls Real Estate Ltd.

BSE: 532832 Sector: Infrastructure
BSE 00:00 | 24 Apr 2020 Indiabulls Real Estate Ltd
NSE 05:30 | 01 Jan 1970 Indiabulls Real Estate Ltd

Indiabulls Real Estate Limited - Updates

March 26, 2020, 12:00 am | Source: NSE

Indiabulls Real Estate Limited has informed the Exchange regarding 'further to our intimation dated October 11, 2019 of Board's approval to Buy-back of upto 5 Crore fully paid-up equity shares of face value Rs. 2/- each of the Company, representing approx. 11% of its total existing paid-up equity capital, at Rs. 100/- per equity share, aggregating to total buyback size of Rs. 500 Crores, through the Tender Offer route, as prescribed under SEBI (Buy-Back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, as amended (hereinafter referred to as the Buyback ), please be informed that post completion of on-going scheme of arrangement of Chennai assets on 19th March 2020, the Company is eligible to launch the Buyback and hence the Board constituted Buyback Committee has advised the company management to initiate the process of obtaining Company s shareholders approval through the process of 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 date of opening of the current lockdown.'.