Indiabulls Housing Finance shares increased nearly 8 per cent higher.
Subject to satisfaction of closing conditions, the transaction is to be completed in tranches by September 30, 2019.
Bengaluru: Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8 per cent higher.
A criminal writ petition filed on Monday in India’s Supreme Court, alleging that about 980 billion rupees (USD 14 billion) had been siphoned out of the company by senior officials using a web of shell companies.
The company said on Wednesday the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.
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