Indiabulls Ventures touches the roof as its arm plans to sell 100% stake in ILPL

15 Mar 2017 Evaluate

Indiabulls Ventures is currently trading at its upper circuit limit of Rs. 41.95, up by 3.80 points or 9.96% from its previous closing of Rs. 38.15 on the BSE.

The scrip opened at Rs. 40.00 and has touched a high and low of Rs. 41.95 and Rs. 39.30 respectively. So far 20761050 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 41.95 on 15-Mar-2017 and a 52 week low of Rs. 13.10 on 05-Apr-2016.

Last one week high and low of the scrip stood at Rs. 41.95 and Rs. 35.50 respectively. The current market cap of the company is Rs. 1340.07 crore.

The promoters holding in the company stood at 33.56%, while institutions and non-institutions held 0.61% and 65.83% respectively.

Indiabulls Ventures’ (IVL) wholly owned subsidiary - Indiabulls Distribution Services (IDSL) has signed a definitive agreement to sell its 100% shareholding in India Land and Properties (ILPL), at a consideration of Rs 685 crore, to Indiabulls Infrastructure (IIL), a wholly owned subsidiary of Indiabulls Real Estate Limited. The deal is expected to be completed in the current financial year.

ILPL owns a commercial complex of 3 towers with total constructed area of 2.67 million square feet and leasable area of 1.94 million square feet, spread over total land of over 8.84 acres at Ambattur Industrial Estate, Chennai. Some of the lessees of these towers are RBS, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS, Access Healthcare etc. The said complex has been designed in compliance to the National Building Codes by internationally acclaimed ZAHA HADID, UK, ‘Laureate Pritzker’ Prize Winner (2004) and it’s a GOLD rated GREEN Building.

Indiabulls Ventures acts as a stock and share broker on the National Stock Exchange of India (NSE), BSE, depository participants and other related services. The company’s primary businesses include Broking and Related activities, and Lease Rental activities.

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