Indiabulls Real Estate - Outcome Of Board Meeting

Indiabulls Real Estate Ltd has informed that the Board of Directors of the Company at its meeting of held on April 05, 2007, has decided to obtain the approval of the Members of the Company through postal ballot pursuant to Section 192 A of the Companies Act, 1956 read with the Companies (Passing of the Resolutions by Postal Ballot) Rules 2001, in respect of the following matters:1. Issue of upto 1,50,00,000 warrants fully convertible into 1,50,00,000 equity shares of face value Rs 2 each at a conversion price of Rs 300 per equity share of the Company, to the promoters of the Company, on a preferential basis.3. Raising funds to the extent of USD 600 million from Qualified Institutional Buyers (QIB) as defined under the SEBI (Disclosure and Investor Protection) Guidelines 2000 (SEBI DIP Guidelines) pursuant to a Qualified Institutions Placement (QIP) as provided under Chapter XIII A of SEBI DIP Guidelines.4. For giving of intercorporate loans / guarantees and / or securities or making of investments which may exceed the limits stipulated under Section 372A of the Companies Act, 1956, in certain subsidiaries of the Company.