Indiabulls Real Estate said the High Court of Justice of the Isle of Man in Isle of Man in England has sanctioned the proposal to acquire 100% shares of Dev Development Property (DPD).
Finalisation of the acquisition shall be competed by issue of fresh 13.8 crore shares of DPD and by cancelling the old shares, it informed the stock exchanges.
Dev Property is listed entity at the Alternative Investment Market (AIM) of the London Stock Exchange.
It focuses on investment in commercial real estate developments for IT and ITes companies, and residential complexes in tier-1 cities in India. The firm has stake in some of Indiabulls projects in India.
The acquisition, announced a few months ago, is valued about $270 million.
Source : business-standard.com
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