Indiabulls Real Estate said on Wednesday it was considering restructuring its power and infrastructure business to help raise their net worth to meet funding requirements.
The move will also allow investors to diversify their portfolio into separate entities focussed on real estate and power/infrastructure, it said in a statement.
Its board has constituted a restructuring committee that will evaluate the plan and prepare a draft proposal, it added.
Subsidiary firm Indiabulls Power said in a separate announcement it has achieved financial closure for phase I of two of its power projects and has started the process of financial closure for phase-II, which is estimated at Rs 13,000 crore.
"The financial institutions also require a significant equity contribution by the company prior to achieving financial closure. It was accordingly considered necessary to explore options to augment net worth of the company's business," it said.
Ahead of the announcement, its shares were up 2.07% at Rs 209.65 in a weak Mumbai market, while Indiabulls Power ended up 11.17% at Rs 30.85.
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