Indiabulls Real Estate touched an intraday high of Rs.116, going up almost 10%. Its 52-week high is at Rs.223.90. It is among the top three gainers on the BSE.
The company’s numbers for Q4FY19 were not encouraging. Its consolidated revenue slipped 43% (YoY) to Rs.1821 crore and net profit showed a sharp 95% drop at Rs.109 crore. EBITDA decreased 94% at Rs.166 crore.
The market has ignored these numbers and has instead decided to concentrate on the unconfirmed news that the Indiabulls Group is believed to have approached Blackstone to sell its entire stake. There is also news of Godrej Properties teaming with two PE funds to buy out the stake of Indiabulls Real Estate promoters.
This move is expected to help the company get the regulatory nod for the roposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank.
Currently, the promoters hold 38.8% stake in Indiabulls Real Estate, valued at Rs.1840 crore and this could in turn trigger off an open offer by the acquirer.