Indiabulls Wholesale Services (IWSL), a wholly-owned subsidiary of Indiabulls Real Estate, has proposed to buy 63.92% stake in Ashok Piramal Group`s Piramyd Retail.
Indiabulls has proposed to acquire this stake from the existing promoters of the company.
Post the acquisition of 63.92% stake, Indiabulla will make an open offer to the public shareholders of Piramyd Retail for additional 20% stake at an offer price of Rs 74.73 a share.
Shares of Indiabulls Real Estate gained Rs 21.3, or 3.2%, to settle at Rs 687.55. The total volume of shares traded was 978,707 at the BSE. (Friday)