Shares of Indiabulls Ventures Wednesday soared nearly 9 per cent after its promoter Sameer Gehlaut and five other promoter entities settled a case with market regulator Sebi. On Tuesday Gehlaut and five other promoter entities settled a Sebi probe into the alleged violation of 'takeover regulations' after paying Rs 48 lakh towards settlement fee.
After a positive opening on BSE, the scrip further advanced by 8.94 per cent to hit a high of Rs 369 in the morning trade.
The stock followed a similar movement on NSE as well, where it rose by 8.93 per cent to Rs 368.8.
The markets regulator had initiated adjudication proceedings against these promoter entities in January this year for alleged violations of provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms in the matter of Indiabulls Ventures.
However, Gehlaut, Orthia Properties, Orthia Constructions, Zelkova Builders, Innus Properties and Innus Developers approached the regulator with a plea to settle the matter "without admitting or denying the findings of fact and conclusions of law."
Subsequently, the regulator has disposed of the adjudication proceedings initiated against the entities after the entities paid Rs 48 lakh as settlement fee.