Indiabulls property arm valued at Rs 15,125 cr

Indiabulls Financial Services Ltd (IBFSL) today said leading international real estate consultancy Knight Frank has valued the company’s stake in its real estate projects at Rs 15,125 crore.

Pursuant to the demerger of its real estate business to Indiabulls Real Estate (IBREL), Indiabulls Financial Services had signed up with Knight Frank for doing the valuation.

According to a release issued here, the company said Knight Frank has estimated the present value of 100 per cent of the six development projects, in which IBREl is involved, at Rs 21,569 crore.

The total present value of IBREL’s effective ownership in project companies undertaking the proposed development is Rs 15,125 crore.

The company further said the board has fixed January 9, 2007 as the record date for ascertaining list of IBFSL shareholders, who would be entitled to be allotted shares of the real-estate arm, in terms of the scheme.