Indiabulls Real Estate rises on $258 million London property sale

Shares of Indiabulls Real Estate rose as much as 11 per cent to Rs 117.2.

The company reported a fall in its profit and revenue in the March quarter.

But it said that it will divest Century Ltd, the firm that houses Hanover Square property in London to its promoter for for 200 million pounds ($258.7 million).

The divestiture is in light of the sluggish London property market due to the uncertainty over Brexit uncertainty, the company said. It added that it has decided to focus only on Mumbai and Delhi’s National Capital Region (NCR) markets.

“Indiabulls’ net debt post-transaction will be below Rs 3000 crores,” said the company.

[“source=thehindubusinessline”]

Author: Loki