Indiabulls Acquires Residual Stake In Indiabulls Infraestate

Indiabulls Real Estate on Tuesday announced that it has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Ltd. (IIL), a majority-owned subsidiary of the company.

The company has acquired IIL from IL&FS Fund entities namely IIRF India Realty XXI Limited, Little Fairy Limited and Vistra ITCL (India) Limited, its minority investors.

The aggregate cash consideration paid for the acquisition is Rs 358.44 crore, which includes interest of Rs 94.85 crore as against their aggregate total investment of Rs 250 crore.

With this, IIL has become a wholly-owned subsidiary of the company. IIL is developing a premium integrated marque project named “Indiabulls Blu” in Worli, Mumbai comprising four residential towers and additional two office towers in the non-residential area.

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