Indiabulls Real Estate has been buzzing loud and clear this week as rumours of stake sale by promoter are getting even louder.

There is unconfirmed news that the company is planning to make a complete exit from the realty business as the co-founder and Chairmn, Sameer Gehlaut plans to sell his 39.5% stake to US PE firm, Blackstone and its local partner, Embassy group. The deal is expected to close at Rs.2700 crore.

The news is that Embassy will acquire Gehlaut’s 15% stake through an open market deal today and the balance 24% will be acquired in 6-8 weeks, triggering an open offer.

Post this stake sale, Indiabulls plans to concentrate solely on financial services as it has taken over Lakshmi Vilas Bank. Indiabulls Housing Finance (IHF) and its subsidiary Indiabulls Commercial Credit Ltd (ICC) are proposed be merged into Lakshmi Vilas Bank after a change in the merger agreement announced on the stock exchanges last month. 

Blackstone plans to keep the realty developer listed.

Bloomberg has reported a block deal happening on the today, with about 5.79 crore shares or 12.8% equity of the company changed hands in a 24 block deals on BSE.

The stock price of Indiabulls Real Estate opened with a gain of 6.65% at Rs.140.35 and went on to hit an intra day high at Rs.151, rising almost 15%.