Indiabulls Financial - Outcome Of Board Meeting

Indiabulls Financial Services Ltd has informed that upon exercise of the option for conversion of warrants by the promoters and receipt of exercise amount aggregating Rs 81,18,00,000 (total subscription money less 10% upfront amount paid at the time of allotment of warrants), the Board of Directors of the Company at its meeting held on January 13, 2007, has allotted an aggregate of 1,10,00,000 Equity Shares of face value Rs 2 each at a conversion price of Rs 82 per Equity Share to the Promoters of the Company.Further the Company has informed that, upon exercise of the option for conversion of warrants by the promoters of Indiabulls Real Estate Ltd (IBREL) and receipt of exercise amount aggregating Rs 69,30,00,000 (total subscription money less 10% upfront amount paid at the time of allotment of warrants), the Board of Directors of IBREL at its meeting held on January 13, 2007, has allotted an aggregate of 1,10,00,000 Equity Shares of face value Rs 2 each at a conversion price of Rs 70 per Equity Share to the promoters of the Company.The warrants were allotted to the promoters by the Board of the Company on August 09, 2005, pursuant to the approval of shareholders of the Company under Section 81(1A) of the Companies Act, 1956 by way of a Special Resolution passed at the Annual General Meeting of the Company held on July 26, 2005. Pursuant to the Scheme of Arrangement of Demerger between the Company and IBREL approved by the Honble High Court of Delhi at New Delhi, the promoters were entitled to an equivalent number of warrants in IBREL.Consequent to the above allotment, the Paid-up Equity Share Capital of the Company stands increased from Rs 33,73,50,756 divided into 16,86,75,378 Equity Shares of face value Rs 2 each to Rs 35,93,50,756 divided into 17,96,75,378 Equity Shares of face value Rs 2 each.