Indiabulls Real Estate to issue 11,500,000 shares to Oberon Ltd

Indiabulls Real Estate Ltd has announced that the Company has received notice from Oberon Ltd exercising its option to convert the 11,500,000 cumulative, redeemable, convertible Preference Shares of face value of Rs 138 each (the "Preference Shares") issued by the Company to Oberon Ltd, into as many Equity Shares of face value Rs 2 each in the Company. These Preference Shares were issued by the Company pursuant to the share subscription agreement dated June 18, 2006 (the "Agreement") and in terms of the Scheme of Arrangement between Indiabulls Financial Services Ltd and the Company and their respective shareholders and creditors (the Scheme), approved by High Court of Delhi, New Delhi.

Pursuant to the exercise of option to convert by Oberon Ltd as aforesaid, the Board of irectors of the Company have, at their meeting held on July 21, 2007 allotted an aggregate of 11,500,000 Equity Shares of face value Rs 2 each in the Company, at a conversion price of Rs 138 per Equity Share.

With the issue of 11,500,000 equity shares as aforesaid to Oberon Ltd, the paid up equity capital of the Company stands increased from the Previous Rs 436,870,132 divided into 218435066 equity shares of face value Rs 2 each to Rs 459,870,132 divided into 229935066 equity shares of face value Rs 2 each.

The stock was trading at Rs.583, down by Rs.2.55 or 0.44%. The stock hit an intraday high of Rs.589.20 and low of Rs.579. The total traded quantity was 227778 compared to 2 week average of 2479997.

Source : Equity Bulls

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