Indiabulls Real Estate to sell Chennai assets to Blackstone

Indiabulls Real Estate on Friday announced executing a definitive agreement with Blackstone Group, a global private equity investor, to sell its commercial assets in Chennai for Rs. 850 crore. 

The company, in a filing to the exchanges, said that the assets sold are non-core real estate business operations for the company and will amount to about Rs. 850 crore. 

Earlier this year in February, the company had announced plans to sell its housing and commercial assets in Chennai as a part of its strategy to exit non-core market and to restructure its business. 

On Friday, Indiabulls real estate closed at Rs. 147.90 per share, down Rs. 1.40 or 0.94 per cent on BSE. The stock opened at Rs. 148 and touched an intraday high of Rs. 153.35 per share on BSE. The stock has a 52-week high of Rs. 265.50 and a 52-week low of Rs. 140 per share on BSE. The stock attracted a traded volume of 7,74,202 shares on BSE.