Embassy buys 14% in Indiabulls Real Estate

Embassy Property Developments on Friday bought an around 14% stake in Indiabulls Real EstateNSE -2.93 % from its promoter through a bulk deal on the stock exchanges. The deal is part of a three-stage transaction under which a Blackstone Group-Embassy alliance will be acquiring Indiabulls group chairman Sameer Gehlaut’s 39.5% stake in the real estate company for Rs 2,700 crore. As per the terms, Blackstone-Embassy will acquire Gehlaut’s remaining stake of over 24% in 6-8 weeks and then make an open offer to the company’s shareholders. On Friday, Embassy acquired nearly 6.31 croreIndiabulls Real Estate shares at a weighted average price of Rs 150.45 each. The stock closed 2.6% lower at Rs 128.20 on the Bombay Stock Exchange, after touching an intra-day high of Rs 151.