Indiabulls Securities gains as its arm acquires 100% stake in India Land and Properties

Indiabulls Securities is currently trading at Rs. 26.45, up by 1.45 points or 5.80% from its previous closing of Rs. 25.00 on the BSE. The scrip opened at Rs. 25.65 and has touched a high and low of Rs. 27.25 and Rs. 25.60 respectively. So far 5,06,000 shares were traded on the counter. The BSE group 'B ' stock of face value Rs. 2 has touched a 52 week high of Rs. 30.65 on 06-Jun-2014 and a 52 week low of Rs. 16.05 on 27-Nov-2013. Last one week high and low of the scrip stood at Rs. 27.25 and Rs. 24.65 respectively. The current market cap of the company is Rs. 689.00 crore. The promoters holding in the company stood at 30.62% while Institutions and Non-Institutions held 0.29% and 69.07% respectively. Indiabulls Securities wholly owned subsidiary - Indiabulls Distribution Services, has acquired 100% of the share capital of India Land and Properties for a consideration of Rs 600 crore. India Land and Properties owns a commercial complex of 3 towers with a total constructed area of 2.4 million square feet and leasable area of 2 million square feet. The total land area of the complex is over 10 acres. Currently a portion of the towers are leased to RBS, Kone, Britannia Industries, Ajuba, Covenant, Telebuy, IBoxand others. The park has been designed in compliance to the National Building Codes by the internationally acclaimed ZAHA HADID, UK, ‘Laureate Pritzker’ Prize Winner (2004). The building complex is renamed as One Indiabulls Park, Chennai.