Promoters’ stake of 14 per cent, or 6.3 crore shares, were sold through bulk deal on Friday.
Indiabulls Real Estate was incorporated in 2006 with focus on construction and development of residential, commercial and special economic zone projects across major metros.
The Reserve Bank of India (RBI) has said it has not approved the announcement of a merger between Lakshmi Vilas Bank and India Bulls Housing Finance Limited.
The sharp rise in share prices, especially on Wednesday, led to stock exchanges asking the bank for clarifications amidst speculation about potential investors who would bring in fresh equity capital.
Infrastructure Leasing & Financial Services (IL&FS) group has defaulted on a series of interest payments earlier this month.