The promoters have sought a 100 per cent premium to the current market price and indicated an asking price of Rs 250 per share, sources said.
NEW DELHI: Indiabulls promoters are looking to sell their stake in Indiabulls Real Estate, either fully or partly or sell the assets piecemeal. The firm has hired EY for the same, ETNOW learnt from sources.
The promoters have sought a 100 per cent premium to the current market price and indicated an asking price of Rs 250 per share, sources said. However, buyers in the fray believe the fair price is lower in the range of Rs 175-180.
Five contenders – DLF, Godrej, Shapoorji Pallonji and private equity giants Blackstone and Brookfield – are believed to be showing interest in IBREL.
Indiabulls is yet to respond to an ETNOW query on this.
ETNOW learnt the buyers are keen more on acquiring specific assets instead of buying out the promoters’ 38 per cent stake in the company.
The promoters are reportedly open to all options. They may even stay on as shareholders in IBREL, but in that case, will not be in the driver’s seat.
Shares of Indiabulls Real Estate traded nearly 10 per cent lower at Rs 113.30 in Tuesday’s morning trade.