Indiabulls Real Estate has agreed to sell commercial projects in Mumbai and Gurgaon to global investment firm Blackstone for an enterprise value of Rs 810.7 crore as it seeks to reduce its debts.

In a regulatory filing, the Mumbai-based developer said the company and its certain subsidiaries have entered into definitive agreements with entities controlled by The Blackstone Group to divest the entire stake in Mariana Infrastructure Ltd (which owns commercial projects in Gurgaon) and commercial assets/development in Mumbai, at an aggregate enterprise value of about Rs 810.7 crore.

“Commercial assets/development in Mumbai is being divested through a slump sale by the subsidiary of the company, which owns this project, at an aggregate enterprise value of Rs 675 crore,” the company said.

Indiabulls has been selling its completed as well as ongoing commercial assets to Blackstone to bring down its debt pile.

However, the announcement did not lift stock sentiment. On the BSE, the scrip settled 4.05 per cent, or Rs 2.50, lower at Rs 59.25.

In June this year, its promoters had sold a 14 per cent stake in the company through open market transactions to Embassy Group for Rs 950 crore as part of its strategy to focus on financial services and exit the realty business.

At the end of 2018-19, the company’s total net debt stood at Rs 4,590 crore. For the September quarter, the firm had posted a four-fold jump in its consolidated net profit at Rs 301.16 crore compared with Rs 75.91 crore in the year-ago period. Total income rose to Rs 1,101.9 crore during the quarter from Rs 1,059.71 crore a year ago. Last month, the realty firm had sold its property in London to a promoter group firm for £200 million.

This followed the approval granted by shareholders of the company at its annual general meeting (AGM) on September 28, to sell the London property to promoters for £ 200 million.