Indias fourth-biggest developer, rose the most in seven weeks in Mumbai trading after investors bid for all the shares offered in a delayed sale by its property trust in Singapore.
The shares climbed 5.1 percent, the most since April 17, to 425 rupees at 2:16 p.m. local time. The stock was the biggest gainer on the Bombay Stock Exchange Realty Index today.
The sale received bids for 1.8 times the number of shares offered to institutional investors, allaying concern that a decline in land prices and sell-off in property stocks would deter buyers. Indiabulls almost halved in value this year as interest rates at a six-year high and the global credit contraction led to a delay in purchases of homes and offices.
More : bloomberg.com
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