Shares of Indiabulls Real Estate today rose sharply by 40 per cent, adding Rs 2,024 crore to its market valuation, after the company announced plans to restructure its business. The stock soared 39.96 per cent to end at Rs 148.15 on BSE. During the day, it rallied 42.56 per cent to Rs 150.90 — its 52-week high.
On NSE, shares of the company jumped 40 per cent to close at Rs 148.20. Led by the sharp rise in the stock, the company’s market valuation soared Rs 2,023.71 crore to Rs 7,087.71 crore. On the volume front, 232.18 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE during the day.
Indiabulls Real Estate today announced plans to restructure its business by creating a separate venture for commercial and leasing operations as part of strategy to have focusssed approach on each segments.
The Mumbai-based developer plans to hive off commercial and leasing business into a separate entity Indiabulls Commercial Assets Ltd, according to a regulatory filing.