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Indiabulls Real Estate surges 9% as board mulls share buyback

SI Reporter/Mumbai 16 May 18 | 10:36 AM

Indiabulls

Shares of Indiabulls Real Estate have surged 9% to Rs 202 per share on the BSE in early morning trade in otherwise weak market after the Mumbai-based real estate developer said that its board will meet on Friday, May 18, 2018, to consider the proposal of buy-back of equity shares of the company.

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“A meeting of the Board of Directors of the Company will be held on Friday, May 18, 2018, to consider, inter alia, the proposal of Buy-back of equity shares of the Company," Indiabulls Real Estate said in a BSE filing on Tuesday after market hours.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple. The other objective is to improve earnings per share (since the same dividend amount is now distributed among fewer shares).

In past three months, Indiabulls Real Estate had underperformed the market by falling 18% as compared to 4% rise in the S&P BSE Sensex till yesterday. In past one year, the stock was up 7% against 17% rally in the benchmark index.

At 10:33 am; Indiabulls Real Estate was up 8% at Rs 201, against 0.66% decline in the Sensex. A combined 8.61 million shares changed hands on the counter on the BSE and NSE so far.

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