Indiabulls Real Estate – 100% Stake on Century sold for £200 million

Indiabulls Real Estate – 100% Stake on Century sold for £200 million On November 2, 2019, Indiabulls Real Estate Limited (IREL) stated that its subsidiary has sold the whole stakes of Century Ltd to a company owned by its promoters,
Cloverdale Overseas Ltd for £200 million (which is roughly Rs. 1830 Crores). Century Ltd is the owner of Hanover Square property based in London. When it comes to regulatory filings, Indiabulls Real Estate added, “It has been approved by company’s shareholders without the involvement of promoter group and promoters. The Century Ltd
ceases to be the company’s subsidiary.” Indiabulls has been focused only on Mumbai and Delhi NCR markets. Hence, they decided to divest the parent company, Century Ltd, which holds the Hanover Square property. The company had bought the property for over Rs. 1478 Crore (161.5 million pounds). Indiabulls Real Estate signed a term agreement to offload the rest of the 50% stake with Blackstone Group Inc for over Rs. 4,4420 Crore. The deal belonged to the plan of Indiabulls Group to leave the real estate business and focus on providing financial services. However, a PIL has been filed at the Delhi High Court by the promoters against accounting and fund diversion conflicts. The expected
merger of home financier with Lakshmi Vilas Bank, the private sector lender, has been rejected by the Reserve Bank of India.