Financial Services has announced that Indiabulls Real Estate (IREL) is proposing to enter into arrangements with Dev Property Development, a company incorporated in the Isle of Man, whereby Dev shall subscribe to new shares and also acquire a minority shareholding from the company, in Indiabulls Property (IPPL), Indiabulls Real Estate (IRECPL) and Indiabulls Infrastructure Development (IIDL).
As part of the series of transactions, upon completion, IREL will receive a total consideration of Rs 4.37 billion for sale of partial stake in IPPL and IRECPL. Additionally, IPPL, IRECPL and IIDL will receive a total of Rs 6.18 billion as fresh equity capital from subsidiaries of Dev.
Dev has completed an initial public offering of its ordinary shares for a total amount of Rs 12 billion or GBP 138 million and shall be listed on the alternative investment market of the London Stock Exchange. The transaction is expected to close during the course of next week.
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