Indiabulls Financial to allot shares on conversion of preference shares to Oberon Ltd

Indiabulls Financial Services Ltd has announced that Oberon Ltd has decided to convert the 1,15,00,000 Convertible Preference Shares issued by the Company to Oberon Ltd pursuant to the share subscription agreement dated June 18, 2006 (the "Agreement") into as many Equity Shares of face value Rs 2 each in the Company and have provided a conversion notice stating such intention to convert, under the terms of the Agreement.

Pursuant to the exercise of option to convert by Oberon Ltd as aforesaid, the Board of Directors of the Company at its meeting held on April 11, 2007 has allotted an aggregate of 11,500,000 Equity Shares of face value Rs 2 each in the Company, at a conversion price of Rs 162 per Equity Share.

With the issue of 1,15,00,000 equity shares as aforesaid to Oberon Ltd, the paid up equity capital of the Company stands increased from the previous Rs 36,65,50,756/- divided into 18,32,75,378 equity shares of face value Rs 2 each to Rs 38,95,50,756 divided into 19,47,75,378 equity shares of face value Rs 2 each.

It may be noted that the Convertible Preference Shares were allotted to Oberon Ltd by the Board of the Company on August 02, 2006, pursuant to the approval of shareholders of the Company under Section 81(IA) of the Companies Act, 1956 by way of postal ballot dated July 20, 2006.

Source : Equity Bulls

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