Indiabulls Real Estate Limited to list on March 23, 2007

Bombay Stock Exchange has informed that the securities of Indiabulls Real Estate Limited (Scrip Code: 532832) are listed and permitted for trading with effect from Friday, March 23, 2007. The company's shares will be traded under the 'B1 Group' of securities. The ISIN No. of the company is INE069I01010.

The Face Value of the stock is Rs.2/- each fully paid. The Scheme of Demerger/Arrangement of the Company was approved by the Hon'ble High Court of Delhi, vide the order dated November 24, 2006.

Pursuant to the Scheme of Arrangement, between Indiabulls Financial Services Limited (IBFSL), Indiabulls Real Estate Limited (IBREL) and their respective shareholders and creditors the Real Estate undertakings of IBFSL got demerged and vested in IBREL on a going concern basis and in consideration thereof, IBREL has on February 04, 2007 issued and allotted 16,86,75,378 Equity shares of Rs.2/- each in the exchange ratio of 1 (One) Equity share of Rs.2/- each fully paid-up for every 1 (One) Equity share of Rs.2/- each held in IBFSL.

Also as provided in the scheme, upon the scheme becoming effective, IBREL has issued an equal number of warrants to the existing warrant holders of IBFSL. Further, upon the exercise of the conversion option by the warrant holders, IBREL has allotted 1,10,00,000 Equity Shares of Rs. 2/- each at premium of Rs. 68 per share to the promoters of the company on January 09, 2007.

The issued, subscribed and paid-up capital of the company post scheme arrangement comes to Rs.3593.50 lacs consisting of 17,96,75,378 Equity Shares of Rs.2/- each fully paid up.

M/s Bigshare Services Pvt. Ltd is the registrar of the company.

Source : Equity Bulls

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