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 the September 25, 2007, has decided to obtain the approval of the Members of the Company through postal ballot pursuant to Section 192A 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 up to 4,30,00,000 fully convertible warrants to the Promoters and Directors of the Company, on a preferential basis for a sum of Rs 2,322 crores, which upon conversion would entitle them to acquire 4,30,00,000 equity shares of face value Rs 2 each at a conversion price of Rs 540 per equity share of the Company, as determined in accordance with SEBI (Disclosure and Investor Protection Guidelines), 2000 for Preferential Issues. Mr. Sameer Gehlaut, Chairman of the Company, will invest Rs 1,080 crores and will be allotted 2 crore warrants. Mr. Rajiv Rattan and Mr. Saurabh Mittal will invest Rs 540 crores each and will be allotted 1 crore warrants each. Further, the two Joint Managing Directors of the Company, Mr. Narendra Gehlaut and Mr. Vipul Bansal will invest Rs 108 crore and Rs 54 crore for allotment of 20 lac and 10 lac warrants respectively.

2. For giving of inter corporate loans and / or guarantees and / or securities and / or making of investments which may exceed the limits stipulated under Section 372A of the Companies Act, 1956.