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Indiabulls closes US$1.5B sale of 50% stakes in 2 units to Blackstone

Diversified real estate company Indiabulls Real Estate Ltd. closed the sale of a 50% stake in its Indiabulls Properties Pvt. Ltd. and Indiabulls Real Estate Co. Pvt. Ltd. subsidiaries to Blackstone Group LP for US$1.46 billion, or 95 billion rupees.

As a result of the transaction, the entities, which own the Indiabulls Finance Centre and the One Indiabulls Centre office properties in central Mumbai, will become 50/50 joint ventures between the company and Blackstone. Shareholders approved the deal March 23.

The company plans to use a large part of the proceeds to pay down debt, among other corporate purposes.

As of March 28, US$1 was equivalent to 65.16 Indian rupees.