Indiabulls Real Estate promoters sell additional 4.4% stake

New Delhi: Promoters of Indiabulls Real Estate have sold off an additional 4.4 percent stake in the firm through open market transactions. These transactions were carried out between 12-17 March, the company said in a regulatory filing.

The promoters have sold off 7.5 percent stake in the last 10 days alone. Now the promoters group has brought down its holding in the company to 15.7 percent. 

The promoters had offloaded 3.1 percent stake through similar transactions between 8-10 March.

The promoters Indiabulls Real Estate are lowering equity in the company before the completion of merger with Embassy Grp. 

The proposed merger has been approved by the stock exchanges, Competition Commission of India (CCI) and SEBI.