Indiabulls Real Estate shares up more than 4%

Shares in Indiabulls Real Estate Ltd rose as much as 4% on Tuesday morning, while those of group firm Indiabulls Power rose more than 3.5%, after the real estate firm said it received board approval to restructure its businesses.

On Monday, Indiabulls said its shareholders would get 2.95 shares of Indiabulls Power for every one equity held in the company.

In October, the company had said it was considering a restructuring businesses to help raise their net worth to meet funding requirements.

At 9.20am, shares of Indiabulls Real Estate were trading at Rs124.45, up 4.68% and that of Indiabulls Power were up 3.7% at Rs26.6 in a firm Mumbai market.