Credit rating agency CARE has reaffirmed 'A1+' rating to Indiabulls Real Easte's (IBREL) commercial paper (CP) issue worth Rs 500 crore. The rating continues to derive strength from the track record of the management to execute and mobilize funds for the projects, IBREL's recognized brand name, moderate financial leverage, availability of sizeable land bank and healthy booking resulting in comfortable revenue visibility.
IBREL is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of IBREL is construction and development of properties, project management, investment advisory and construction services.
The promoters holding in the company stood at 48.94% while Institutions and Non-Institutions held 31.01% and 19.94% respectively.
The BSE group 'A' stock of face value Rs.2 has touched a 52 week high of Rs 109.45 and a 52 week low of Rs 45.10 respectively.
Current price of stock is Rs 71.55, down by 2.45 from its previous closing of Rs 74.00 on the BSE.
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