What a bounce back in Indiabulls Housing! The stock price which had closed yesterday at Rs.90.25, opened at Rs.92.35 and then shot up like a rocket to Rs.112.80, which is very close to its 30% UC of today at Rs.117.30.
The company issued a clarification yesterday evening, categorically stating that Indiabulls Housing has no loans outstanding from Yes Bank.
The company explained that Rana Kapoor and family bought the 40 Amrita Shergill property in September 2017 and registration of the property happened on 15th September 2017. They mortgaged the property to Indiabulls Housing in November 2017 and Indiabulls gave a loan of Rs. 285 crores on the property. Additionally, Indiabulls Housing took Personal Guarantee of Rana Kapoor and family whose networth at the time of taking the loan was over Rs.7,000 crores as per their holdings in Yes bank.
In March 2016, ICICI bank and DCB bank had given a loan of Rs. 380 crore on the same property to Thapars and valued the property at Rs. 550 crores in their records.