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“Commercial assets/development at Mumbai is being divested through slump sale by the subsidiary of the company, which owns this Project, at an aggregate enterprise value of Rs 675 crore,” the company said in a regulatory filing.
Indiabulls has been selling its completed as well as ongoing commercial assets to Blackstone to reduce its debt.
In June this year, Indiabulls Real Estate promoters had sold 14 per cent stake in the company through open market transactions to Embassy Group for Rs 950 crore as part of its strategy to focus on financial services and exit the realty business.
At the end of the last financial year 2018-19, the company’s total net debt stood at Rs 4,590 crore.
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