IBFSL releases 3% equity of Akruti City

Indiabulls Financial Services (IBFSL) on Tuesday said that it has released over 3% equity of Mumbai-based developer Akruti City as the real estate firm paid back a major part of its loan amount taken from IBFCL.

Akruti had taken Rs 200 crore from IBFSL by pledging 6% of its equity for working capital requirement.

IBFSL informed the BSE that Akruti City had pledged 5.97% of its equity against the loan and the NBFC has released 3.65% of it. It means, IBFSL is still holding 2.32% of the Akruti City’s equity.

On Tuesday, Akrutiy City’s shares were down by 1.41% to close at Rs 652.05 at the BSE.