Indiabulls Real Estate gets shareholders nod to sell London property

Indiabulls Real Estate on Saturday said shareholders have approved proposal to sell its London property to promoters for 200 million pounds in an annual general meeting held on September 28. Earlier, the company had disclosed its plans to focus on its India business and cut down on debt. The resolution to sell the London property has been approved by the requisite majority of shareholders, stated a BSE filing by the company. In the notice for AGM, the company had said, "In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish. The Great Britain Pound has also had a sustained depreciation from around the time of Brexit referendum result." The continued uncertainty associated with Brexit continues to provide headwinds against both the London property market as well pound as a currency, it said.