Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27.
Company proposes to issue secured, redeemable, non- convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore.
New Delhi: Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.
The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.
Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.
"The replacement will also be applicable to Nifty 50 Equal Weight Index," the bourse said in a release.
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