Indiabulls Financial - Outcome of Board Meeting

Indiabulls Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on February 15, 2007, inter alia, has considered and approved the proposal to restructure the business of the Company.This proposal is sought to be implemented in terms of a composite scheme of arrangement under the provisions of Sections 391394 of the Companies Act, 1956 which will provide for:(i) the amalgamation of Indiabulls Credit Services Ltd (ICSL) with the Company in consideration for which the Company will issue shares to the shareholders of ICSL.(ii) the demerger of the securities broking and advisory business of the Company as a going concern to Indiahu1l Securities Ltd (ISL) in consideration for which ISL will issue shares and global depository receipts (GDRs) to the shareholders and GDR holders, respectively, of the Company.