Indiabulls Real Estate - Outcome Of Board Meeting

Indiabulls Real Estate Ltd has informed that the Board of Directors of the Company at its meeting held on July 10, 2007, has allotted 34,883,720 Equity Shares of par value Rs 2 per share as underlying shares representing 34,883,720 Global Depository Receipts (GDRs), each GDR representing 1 (One) Equity Share, priced at US $ 10.32, and aggregating US $ 360 Million.Further, the Board of Directors of the Company has, at the said Meeting, pursuant to the over allotment option exercised by the sole Underwriter, Merrill Lynch International, also allotted 3,875,968 Equity Shares of par value Rs 2 per share as underlying shares representing 3,875,968 Global Depository Receipts (GDRs), each GDR representing 1 (One) Equity Share, priced at US $ 10.32, and aggregating US $ 40 Million.Accordingly, the total number of Equity Shares underlying GDRs, allotted as aforesaid, in terms of the Companys Offering Circular dated July 03,2007 is 38,759,688 priced at US $ 10.32 per GDR and aggregating US $ 400 Million, thus concluding the aforesaid GDR offering of the Company.