Indiabulls Real Estate Limited

Indiabulls Real Estate was incorporated in the year 2005 with the focus on construction and development of residential, commercial & SEZ projects across major Indian Metros & London. It is the 3rd largest real estate company in India by net worth and assets, with a total Gross Development Value of ?349.6 billion (US$5.4 billion) and net worth of ?72.18 billion (US$1.1 billion), as of June 30, 2015. Indiabulls Real Estate has a presence in key Indian metros—Mumbai, Delhi and Chennai. Currently, it has 10 ongoing projects in India with a total saleable area of 30.14m sqft, and 5 new projects are planned to be launched shortly with a total saleable area of 7.87 m sqft. Additionally, the company has a fully paid for a land bank of 1,017 acres & also possesses 2,588 acres of SEZ land at Nashik, Maharashtra. Indiabulls Real Estate has delivered two commercial towers in Mumbai—One Indiabulls Centre & Indiabulls Financial Centre with over 3m sqft space, apart from delivering projects in Madurai, Ahmedabad, and Thane. Recently, Indiabulls Real estate acquired the prime property, 22 Hanover Square in central London for ?16.3 billion (US$250 million). The financials of the company looks good, RoNW is 13.77% and at CMP its looks fairly priced. Price difference is around 7% at CMP and acceptance ration as per current share holding for retail will be around 10% for retail, but it may be possible that this ratio may go down as more people will buy for buyback and so we may expect the final acceptance ratio may be around 20% and profit may be 1-2%. So we give AVOID rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal