Indiabulls Financial - Outcome Of Board Meeting

Indiabulls Financial Services Ltd has informed that upon exercise of the option for conversion of 50,00,000 Series II warrants (out of 1,00,00,000 Series II Warrants) by the Promoters and receipt of exercise amounts aggregating Rs 60,69,00,000 (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 April 23, 2007, inter alia, has allotted an aggregate of 50,00,000 Equity Shares of face value Rs 2 each at a conversion price of Rs 134.87 per Equity Share to the Promoters of the Company Consequent to the above allotment, the paid-up equity capital of the Company stands increased from Rs 38,95,50,756 divided into 19,47,75,378 equity shares of face value Rs 2/- each to Rs 39,95,50,756 divided into 19,97,75,378 equity shares of face value Rs 2/- each.