April 24, 2019 / 5:29 AM / 4 months ago

BUZZ-Indiabulls Real Estate rises on $258 mln London property sale

** Indiabulls Real Estate shares rise as much as 11 pct to 117.2 rupees

** March-qtr profit, revenue fall, but co says to divest Century Ltd, the firm that houses Hanover Square property, London, to its promoter for 200 mln pounds ($258.7 mln) bit.ly/2VlmxvY

** Divestiture in light of sluggish London property market due to Brexit uncertainty, co says; adds it has decided to focus only on Mumbai & Delhi’s National Capital Region (NCR) markets

** Indiabulls’ net debt post-transaction will be below 30 bln rupees, co says

** Economic Times reports co's parent Indiabulls Group has reached out to partners to offload stake in co, to improve chances of regulatory approval for proposed merger of Indiabulls Housing Finance and Lakshmi Vilas Bank bit.ly/2UABVAb

** As of Tuesday’s close, Indiabulls shares have risen >20 pct this year ($1 = 0.7732 pounds) (Derek.francis@tr.com)

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