MUMBAI: Indiabulls Real Estate Limited (IBREL), the real estate arm of Indiabulls Group, today got listed at Rs 380.05 on the Bombay Stock Exchange.
IBREL, which recently demerged from Indiabulls Financial Services Limited (IBFSL), hit highs of Rs 414.80 per share in early trade and over 12.97 lakh shares were traded on the BSE.
The face value of the stock is Rs 2 each.
Pursuant to the scheme of arrangement, between Indiabulls Financial Services Limited (IBFSL), Indiabulls Real Estate Limited (IBREL) and their respective shareholders and creditors, the real estate undertakings of IBFSL got demerged and vested in IBREL on a going concern basis.
As per the scheme of arrangement, IBREL on February 4, issued over 16.86 crore equity shares of Rs 2 each in the exchange ratio of 1:1, that is one equity share of Rs 2 each was issued for one equity share of the same value held in IBFSL.
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