Indiabulls Real Est Outcome Of Board Meeting (25-Feb-2010)
Indiabulls Real Estate Ltd has informed that the Board of Directors of the Company at its meeting held on February 25, 2010, inter alia, has considered and approved the following:
The proposal to restructure the wholesale trading business of the Company was considered and approved. This proposal shall be implemented in terms of a scheme of arrangement under the provisions of Sections 391-394 of the Companies Act, 1956 (Scheme) which will provide for the transfer by way of a demerger of the wholesale trading business of the Company as a going concern to Indiabulls Wholesale Services Ltd. (IWSL), currently a wholly owned subsidiary of the Company, in consideration for which IWSL will issue equity shares and global depository receipts (GDRs) to the shareholders and GDR holders, respectively, of the Company in accordance with the Scheme, based on a share entitlement ratio approved by the Boards of Directors of both the companies.
The Board of Directors of the Company also approved the share entitlement ratio of 1(One) equity share in IWSL of face value Rs. 2 each credited as fully paid-up for every
8(Eight) equity shares of Rs. 2 each held by such shareholder in the Company, on the basis
of the recommendation made by an independent valuer being M/s. Doogar & Associates,
Chartered Accountants, and the fairness opinion on the said recommendation given by
M/s. D & A Financial Services Pvt, Ltd., Category 1 Merchant Bankers.
Pursuant to the Scheme, the shares of IWSL are proposed to be listed on the Bombay
Stock Exchange Ltd. and the National Stock Exchange of India Ltd. and the GDRs on the Luxembourg Stock Exchange.
The above proposal is subject to the satisfaction of various conditions, including obtaining necessary approvals from the shareholders, creditors and regulatory authorities including those of the stock exchanges under the Listing Agreement, and sanction of the Scheme by the High Court of Delhi.
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