Indiabulls Real Estate Shares Soar After Successful Bid
Background on the Recent Acquisition
Indiabulls Real Estate has emerged victorious in the bid for NTC's defunct Bharat Textile Mills, located in Worli, Mumbai, with a winning bid of Rs. 1505 cr. This victory comes closely after another successful auction, where Indiabulls Infraestate secured the 2.3-acre Poddar Mill last week for nearly double the reserve price, at Rs. 474 cr, with the bidding having started at Rs. 250 cr.
Impact on Share Prices
- Bombay Stock Exchange (BSE): The shares of Indiabulls Real Estate witnessed a significant surge, settling at Rs. 175.70, marking a 3.51% increase from the preceding share price.
- National Stock Exchange (NSE): Similarly, on the NSE, the share price closed at Rs. 176.45, reflecting a 4% hike.
Broader Market Trends
The broader market, as indicated by the Sensex, also displayed a positive trend, closing higher by 143.51 points at 18,287.50.
Noteworthy Aspects of the Acquisition
- Margin of Victory: Indiabulls Infraestate won the Bharat Textile Mills bid by a narrow margin of just Rs. 2 cr.
- Market Reaction: The increase in share prices reflects the market's optimism regarding Indiabulls Real Estate's strategic expansion and acquisition moves.