Indiabulls Financial - Outcome Of Board Meeting

Indiabulls Financial Services Ltd has informed that Oberon Ltd has decided to convert the 1,15,00,000 Convertible Preference Shares issued by the Company to Oberon Ltd pursuant to the share subscription agreement dated June 18, 2006 (the Agreement) into as many Equity Shares of face value Rs 2 each in the Company and have provided a conversion notice stating such intention to convert, under the terms of the Agreement.Pursuant to the exercise of option to convert by Oberon Ltd as aforesaid, the Board of Directors of the Company at its meeting held on April 11, 2007 has allotted an aggregate of 11,500,000 Equity Shares of face value Rs 2 each in the Company, at a conversion price of Rs 162 per Equity Share.