Indiabulls Ventures & Indiabulls Real Estate Announce Share Buybacks: The boards of Indiabulls Real Estate Ltd and Indiabulls Ventures Ltd have already (last Wednesday) announced that they will meet on Friday 11-October to consider the proposal of share buyback /share repurchase proposals.
According to Indiabulls Ventures Limited, buyback of shares are of value at Rs.1000-Cr and Indiabulls Real Estate for Rs.500-Cr. The Company said that its BoD has approved a share buyback of up to 6.66-Cr fully paid-up equity shares with a face value Rs.2/- each at Rs 150 each. The total quantity reportedly makes for 12.61% of it’s total existing fully paid-up equity capital, as per the stock exchange filings made by the company on Friday.
Indiabulls Real Estate’s buyback proposal of Rs.500-Cr, which is up to 5-Cr fully paid-up equity shares with face value Rs.2/- each at the price of Rs.100 apiece.
Shares of Indiabulls Venture surged to Rs.106.55 per share as at 2.20 pm, up by 6.82% from its previous closing on the NSE, after having made the announcement by the company. The stock hit an intraday high at Rs.109 during the day. Get hni intraday tips from our experts.
On the other hand, Indiabulls Real Estate Limited has made an intraday high currently at Rs.43.40 per share, up by 4.96% from the previous closing.
Share buybacks pave the way to reduce the number of outstanding shares of the companies in markets by buying back a proportion of shares from shareholders at a price greater than the market rate. For free hni tips visit our official website.