Realty major Indiabulls Real Estate announced the sale of its entire stake in Mariana Infrastructure and commercial assets in Mumbai to the Blackstone Group for of Rs 810.7 crore.
In a regulatory filing on Sunday, the company said that the sale of the properties is expected to be completed by the end of the year.
Mariana Infrastructure owns a commercial project in Gurugram.
The deal is a part of the divestment process announced by the company in September to achieve ZERO net debt in the current financial year through strategic divestment of its stake in certain commercial and leasing business assets.
According to the deal, Indiabulls Real Estate plans to sell many of its commercial ventures and joint ventures with the Blackstone Group to the private equity firm.
At 10:10 am, shares of Indiabulls Real Estate gained 2.19 percent to Rs 63.10 on the BSE.
First Published: IST