Mumbai-based Indiabulls Real Estate, through its wholly owned subsidiaries Selene Estate and Fama Land Development; acquired two housing projects in Chennai (India).
Selene Estate, a wholly owned subsidiary of the company, entered into an agreement to acquire 50 acres of land to develop a residential project at Jalladianpet, a suburb of Chennai.
Fama Land Development, a wholly owned subsidiary of the company, entered into an agreement to acquire 241 acres of land to develop a residential and commercial project located near National Highway 5.
Further, the company, through its wholly owned subsidiaries, acquired 396 acres of land in Panvel, near Mumbai, to develop large scale residential projects.
Indiabulls Industrial Infrastructure (IIIL) a wholly owned subsidiary of the company is in discussions with MIDC to finalize its stake in the joint venture, for development of a multi product special economic (SEZ) at Nasik.
The company`s received Rs 2,644.9 million from Ariston Investment and Rs 1,728.9 million from Ariston Investment towards the sale of equity stakes of 7.95% each, in Indiabulls Properties and Indiabulls Real Estate Company.
Shares of the company were last trading up Rs 4.50, or 1.16%, at Rs 392.00. The total volume of shares traded at the BSE was 139,456 (10.00 a.m, Wednesday).
http://www.myiris.com/newsCentre/newsPopup.php?fileR=20070620100642130&dir=2007/06/20&secID=livenews
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