On Friday, Indiabulls Ventures and Indiabulls Real Estate approved the proposals of equity share buyback to tune of Rs 1,000 crore and Rs 500 crore respectively. Indiabulls Ventures is the capital market company said in filing that its board has approved buyback upto 6.66 crore equity share at Rs 150 per share.
The proposal was approved by the board of directors of the company of Rs 1,000 crore of buyback of 6,66,66,666 fully paid-up equity shares having face values of Rs 2 each of the company which represents 12.61 per cent of its total existing fully paid-up equity shares at Rs 150 per share, it said.
On the other hand, Indiabulls Real Estate would spend Rs 500 crore to buyback 5 crore shares at Rs 100 per share. Following the announcement, shares of Indiabulls Real Estate on the BSE hit the 5 per cent upper circuit and were locked at Rs 43.40, up to Rs 2.05, or 4.96 per cent, per share.