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Indiabulls Ventures And Indiabulls Real Estate Announce Share Buybacks

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In separate stock exchange filings on Friday, Indiabulls Ventures Limited and Indiabulls Real Estate announced their respective plans to buyback shares worth Rs 1,000 crore and Rs 500 crore, respectively.

Indiabulls Ventures And Indiabulls Real Estate Announce Share Buybacks
Indiabulls Ventures: Quotes, News
BSE 81.30BSE Quote9 (-11.07%)
NSE 81.55NSE Quote9.05 (-11.10%)
Indiabulls Real Estate: Quotes, News
BSE 42.30BSE Quote2.2 (-5.20%)
NSE 42.25NSE Quote2.2 (-5.21%)
 

Indiabulls Ventures said that its board of directors has approved a share buyback of up to 6.66 crore fully paid-up equity shares with a face value Rs 2 each at Rs 150 each. The total quantity makes for 12.61 percent of its total existing fully paid-up equity capital.

The filing further said that the buyback size being more than 10 percent of the company's paid-up equity capital and free reserves shall be subject to the approval of shareholders by way of a special resolution.

Shares of Indiabulls Venture spiked to a high of Rs 107.95 after the announcement. The stock was trading 1.91 percent higher than its previous close at Rs 101.50 at 11:38 am on Friday.

Indiabulls Real Estate said that its board has approved a proposal of Rs 500 Crore worth of share buyback of up to 5 Crore fully paid-up equity shares with face value Rs. 2 each at the price of Rs 100 per share. It represents approximately 11 percent of the entity's total existing paid-up equity capital.

The share buyback plans were likely made in a bid to control the steep fall in stock prices seen for both the entities.

In the last three months, shares of these companies have lost over 60 percent in value.

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