Indiabulls Real Estate announces share buyback worth Rs 500 crore

Indiabulls Real Estate Ltd (IBREL) on Friday announced a buyback of up to 5 crore shares at Rs 100 each, which could cost the company up to Rs 500 crore. The buyback price is more than the double of the current share price, which is ruling at Rs 43.40 on the BSE. In a regulatory filing, IBREL informed that its board of directors on Friday "approved a proposal of Rs 500 crore of buyback of up to 5 crore fully paid-up equity shares...representing approximately 11 per cent of its total existing paid-up equity capital at Rs 100 per share". The buyback would be through the tender offer route, as prescribed by markets regulator SEBI.