Indiabulls Real Estate arm files for IPO

Indiabulls Real Estate Ltd has announced that Indiabulls Power Ltd, (formerly Sophia Power Company Ltd), a subsidiary of Indiabulls Real Estate Ltd (the Company), has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India ("SEBI") on July 15, 2009 in relation to its Initial Public Offer of equity shares.

The IndiabUlls Real Estate stock closed the day at Rs.215.75, up by Rs.25.05 or 13.14%. The stock hit an intraday high of Rs.224.30 and low of Rs.193.

The total traded quantity was 6926089 compared to 2 week average of 3238500.

Source : Equity Bulls

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