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ILFS Fund exits Indiabulls’ Worli project for Rs358 crore

LiveMint logoLiveMint 27-06-2017 PTI

New Delhi: Indiabulls Real Estate has given exit to ILFS Fund from its housing project in Mumbai by acquiring 10% stake for Rs358 crore.

Mumbai-based developer now owns 100% stake in its subsidiary Indiabulls Infraestate Ltd, which is building this project at Worli. ILFS Fund had invested Rs250 crore in this project.

In a filing to the BSE, the company informed that it has “acquired the entire minority stake of 10.08% in Indiabulls Infraestate Ltd, a majority owned material subsidiary of the company from ILFS Fund entities namely IIRF India Realty XXI Ltd, Little Fairy Ltd and Vistra ITCL (India) Ltd, its minority investors”.

The cash consideration paid for the acquisition is Rs358.44 crore, including interest of Rs94.85 crore. With this acquisition, Indiabulls Infraestate has become a wholly owned subsidiary of the company.

The subsidiary is developing a premium housing project ‘Indiabulls Blu’ at Worli in Mumbai comprising 4 residential towers and 2 office towers in non-residential area.

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