Wednesday, April 23, 2008

Indiabulls outbids Gammon for Rs 6.76 b

Indiabulls Real Estate, through its subsidiary Citra Developers, acquired 134 acres of land in Dombivili, Mumbai for Rs 6.76 billion, reports Economic Times.

The company has acquired the land after outbidding Gammon India`s bid of around Rs 6.75 billion.

The auction was conducted on Tuesday by the high court receiver and Citra Developers have been asked to deposit 25% of the bid amount within 15 days from the auction day.

Apart from Indiabulls and Gammon, other local firms also participated in the auction.

Shares of the company gained Rs 5.65, or 1.14%, to end at Rs 501.25. The total volume of shares traded was 631,673 at the BSE. (Tuesday)

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