Indiabulls Real Estate has acquired the entire minority stake of 10.08% in Indiabulls Infraestate (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI, Little Fairy and Vistra ITCL (India), its minority investors. The aggregate cash consideration paid for the said acquisition is Rs 3.58 billion, including interest of Rs 948.5 million against their aggregate total investment of Rs 2.50 billion.

With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project named 'Indiabulls Blu' in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area.

Shares of the company declined Rs 0.35, or 0.17%, to trade at Rs 205.90. The total volume of shares traded was 418,490 at the BSE (9.48 a.m., Wednesday).