Indiabulls Real Estate Ltd.'s board approved the diversified real estate company's repurchase proposal for up to 26.0 million fully paid-up equity shares, representing roughly 5.45% of its existing paid-up share capital.

The shares may be repurchased at prevailing market prices, but not exceeding 240 rupees per share, or roughly 6.24 billion rupees in the aggregate.

As of May 17, US$1 was equivalent to about 67.82 Indian rupees.