Last Updated on Feb 24, 2022 by Ayushi Mishra

Indiabulls Real Estate shares surged 12% to Rs. 115.55 on the NSE on 22 February 2022, Tuesday’s intra-day trade on the strength of large volumes. This happened after the firm stated that the Enforcement Directorate (ED) investigations did not apply to the company and had no influence on the company’s business and operations.

At 11:40 am 22 February 2022, the stock was trading 10.6% higher at Rs. 114, versus a 1.1% fall on the S&P BSE Sensex. The trading volume at the counter increased significantly, with a total of 39 mn. equity shares changing hands on the NSE and BSE.

After the ED searched the premises of Indiabulls Finance Center in Delhi and Mumbai on Monday, the shares of the real estate business fell 15% to Rs. 103. This was in relation to charges of money laundering levelled against the business and its promoter, Sameer Gehlaut, in April 2021.


“We wish to clarify that ED has sought some information from Indiabulls Housing Finance Limited (IHFL) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials. The said ED investigation did not pertain to Indiabulls Real Estate Limited (the ‘Company’) and has no bearing on the business and operations of the Company,” Indiabulls Real Estate stated in an exchange filing.

Sameer Gehlaut has resigned as non-executive director and chairman of the firm, effective 31 December 2021. Furthermore, Indiabulls Real Estate stated that the departing Promoters have stated that they are not involved in the day-to-day operation of the firm.

The ongoing merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy group firms, with the company process is on track, and the shareholders of the company approved the plan of merger at an NCLT convened meeting on 12 February 2022.

Ayushi Mishra
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

The blog posts/articles on our platform are purely the author’s personal opinion and do not necessarily represent the views of Anchorage Technologies Private Limited (ATPL) or any of its associates. The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, please consult a professional financial or tax advisor. The content on our platform may include opinions, analysis, or commentary, which are subject to change, without notice, based on market conditions or other factors. Further, the use of any third-party websites or services linked on the website is at the user's discretion and risk. ATPL is not responsible for the content, accuracy, or security of external sites. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The examples and/or securities quoted (if any) are for illustration only and are not recommendatory. Any reliance you place on such information is strictly at your own risk. In no event will ATPL be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

By accessing this platform and its blog section, you acknowledge and agree to the Terms and Conditions of this website, Privacy Policy and Disclaimer.