A substantial part of sale proceeds would be utilized towards repayment of existing debts of the company and its subsidiaries. The Transaction is expected to be concluded during this financial year.
Moneycontrol News
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The Blackstone Group has divested its majority stake in subsidiaries of the Indiabulls Real Estate group.
In a communication to BSE, it said, after the relevant board authorisations, Blackstone Group L.P. divested its entire holding in certain subsidiaries and thereby close to 50 percent stake in Indiabulls Properties Private Limited (IPPL) and Indiabulls Real Estate Company Private Limited (IRECPL).
The price was at an aggregate enterprise value of approximately USD 1461.5 million. This is equivalent to Rs. 9,500 crores.
A substantial part of sale proceeds would be utilised towards repayment of existing debts of the company and its subsidiaries. The transaction is expected to be concluded during this financial year.
Following the conclusion of transaction, the company will cease its sole control over IPPL and IRECPL.