Indiabulls Financial enters into arrangement with Dev Property Development Plc

Indiabulls Financial Services Ltd has announced that Indiabulls Real Estate Ltd (the "Company") is proposing to enter into arrangements with Dev Property Development Plc., a Company incorporated in the Isle of Man ("Dev") whereby Dev shall subscribe to new shares and also acquire a minority shareholding from the Company, in the following project Companies:

1. Indiabulls Properties Pvt Ltd - which is developing Jupiter Mills;

2. Indiabulls Real Estate Company Pvt Ltd - which is developing Elphinstone Mills; and

3. Indiabulls Infrastructure Development Ltd - which is developing the Raigad SEZ.

It is expected that application will be made to list the Dev shares on the London Stock Exchange's AIM market.

Source : Equity Bulls

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