new delhi indiabulls real estate promoters have sold 14 per cent stake through open market transactions to embassy group for rs 950 crore as part of the groups strategy to focus on financial services and exit from realty businesspromoters have around 39 per cent stake in indiabulls real estate of which 14 per cent representing over 63 crore shares have been offloaded through bulk deal on fridayindiabulls group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of indiabulls housing finance with the lakshmi vilas bankwith this deal bengalurubased developer embassy group will get entry into mumbai and delhincr the two biggest property markets in the countryaccording to the bulk deal data available on the bse promoters entities have sold 63095240 shares to privatelyheld embassy property developments pvt ltd at rs 15045 apiece aggregating to nearly rs 950 croreat this price the company has been valued at nearly rs 6800 crore higher than the current market cap of nearly rs 5800 crore the share price of indiabulls real estate fell 258 per cent on the bse to close at rs 12820 per shareaccording to sources embassy group may buy another 14 per cent in indiabulls real estate taking its total stake to 28 per cent and triggering an open offer indiabulls promoters may retain some stake in the company but will lose management controlwhether embassy group is buying stake in indiabulls real estate directly or in partnership with global investment firm blackstone could not be ascertainedon late thursday indiabulls real estate informed bse that the promoters intend to disposeof up to 14 per cent of the fully paidup share capital of the company out of the aggregate 3872 per cent fully paid up share capital of the company currently held by them to third party investorsthe stake sale is in line with the promoters strategy to focus on financial services in the long run it addedrecently embassy office parks the joint venture firm with global investment firm blackstone launched indias first real estate investment trust reit to raise rs 4750 crorethe group which commenced its operations in 1993 is led by cmd jitu virwani the group has developed 54 plus million sq ft of commercial residential retail hospitality and industrial warehouse spaces and holds an extensive land bank of over 1000 acre across the countryindiabulls real estate has been selling its commercial assets to blackstone in last few yearsin december 2018 it sold 50 per cent stake in two office assets in gurgaon to blackstone for rs 464 croreearlier indiabulls had sold 50 per cent stake in its two prime commercial assets in mumbai to blackstone for an enterprise value of rs 9500 croreindiabulls has an equal joint venture with blackstone the jv has 33 million sq ft completed asset with annuity income of rs 670 crore while 08 million sq ft is under construction