Indiabulls Real - Outcome Of Board Meeting

Indiabulls Real Estate Ltd has informed that the Promoters of the Company have exercised their option to convert the 10,000,000 (Ten Million) Series II warrants (convertible into an equivalent number of Equity Shares of face value Rs 2 each in the Company) which had been allotted in their favour pursuant to a Scheme of Arrangement for Demerger between Indiabulls Financial Services Ltd and the Company and their respective Shareholders and Creditors, approved by the Honble High Court of Delhi, New Delhi, through its order dated November 24, 2006.

Pursuant to the exercise of option as aforesaid, the Board of Directors of the Company at its meeting held on November 05, 2007, has allotted an aggregate of 10,000,000 (Ten Million) Equity Shares of face value Rs 2 each in the Company, in favour of the Promoters.

Consequently, the equity shareholding of the Promoter Directors in the Company has increased from the present 55,116,685 Equity Shares of face value Rs 2 each in the Company (representing 23.97 of the total Paid-up Equity Share Capital of Rs 459,870,132 divided into 229,935,066 Equity Shares of face value Rs 2 each) to 65,116,685 Equity Shares of face value Rs 2 each in the Company (representing 27.14% of the total Paid-up Equity Share Capital of Rs 479,870,132 divided into 239,935,066 Equity Shares of face value Rs 2 each in the Company).

Further the Company has informed that at the same meeting, the Board of Directors of the Company has allotted an aggregate of 4,30,00,000 warrants (Series IV) to the Promoters and the two Joint Managing Directors of the Company, convertible into an equivalent number of Equity shares of face value Rs 2 each in the Company, within a period of 18 months from the date of allotment. The conversion price has been fixed at Rs 540/- per Equity Share.