Indiabulls Real Estate shares surge 11% after Rare Enterprises picks stake

Indiabulls Real Estate share price surged 11 percent in early trade on November 13 after Rare Enterprises picked up equity stake in the company.

Ace investor Rakesh Jhunjhunwala-owned Rare Enterprises on November 12 picked up 1.1 percent equity stake in the company via open market transaction.

Rare Enterprises has acquired 50 lakh equity shares in the Indiabulls Group-owned real estate firm (representing 1.1 percent of the total paid-up equity shares) at Rs 57.73 per share, the bulk deals data available on the National Stock Exchange showed.

The shares bought by Rare Enterprises were worth Rs 28.86 crore.

On the other side, Morgan Stanley Asia (Singapore) Pte - ODI sold 75,80,281 shares (representing 1.66 percent of the total paid-up equity) in Indiabulls Real Estate at Rs 57.16 per share.

Morgan Stanley had held a 3.70 percent equity stake in Indiabulls Real Estate as per the shareholding pattern of September 2020.

At 09:23 hrs, Indiabulls Real Estate was quoting at Rs 61.20, up Rs 6.10, or 11.07 percent on the BSE.

The share touched its 52-week high Rs 113.00 and 52-week low Rs 36.85 on 29 January 2020 and 26 March 2020, respectively.