IREL said it has made substantial progress to achieve zero net debt. It completed strategic divestment of its 50 per cent stake in the joint venture portfolio to the entities controlled by Blackstone Group Inc for an aggregate equity value of Rs 2,717 crore.
This led to a reduction of bank loans exposure by Rs 2,242 crore. On November 2, the company divested Hanover Square property in London which further reduced the bank loans exposure by Rs 1,162 crore.
The board of directors has approved a proposal of buyback of up to five crore equity shares at Rs 100 per equity share through the tender offer route.
IREL said it will focus on the asset-light model through joint venture development with landowners and other developers without incurring significant upfront land acquisition cost.
The company will focus on its core markets — Mumbai Metropolitan Region and National Capital Region — for sustainable growth and strengthening of on-going businesses.