The stock of Indiabulls surges by 9% after it made its new announcement

The stock of Indiabulls surges by 9% after it made its new announcement

NEW DELHI: There was a 9% surge in the shares of Indiabulls as of Thursday after the company announced that it then had a majority stake of 51.18% in a Singapore based business trust IPIT. Additionally, it also acquired 2.77 crore shares through its subsidiary company Grapene.

In the aftermath of the announcement, the stock of Indiabulls surged nearly 8.65% hitting a high of Rs.73.5 on BSE. The stock was otherwise trading at a striking distance of 52 week high on the 20th of October 2015.

The company had more than 46 percent stake in Indiabulls properties investment trust. The company has a portfolio of over 3 million sq ft of finished commercial office spaces and also areas under construction to the same size.

The company explicitly said to the exchanges that with the stake buy, IPIT has emerged to be a majority-owned subsidiary and its financials will be added up with the financials of Indiabulls from Q1. "We would like to inform at this juncture that Grapene has clearly announced that in furtherance to the requirements under the Singapore Code on Take-overs and Mergers, plans are underway for the acquisition of all left-out units in IPIT, at an offer price each of Singapore $0.25 in cash," the company informed BSE.

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