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 February 28, 2008, has approved the proposed investment and / or purchase of up to 100% of the ordinary shares in Dev Property Development Plc. (DPD Shares), an Isle of Man registered Company listed on the London Stock Exchanges AIM (DPD), by issuance of new ordinary shares of the Company (New IBREL Shares) represented by Global Depository Receipts (GDRs) listed on the Luxembourg Stock Exchanges Euro MTF market equating to an offer that values the existing ordinary share capital of DPD at approximately £138.0 million and each DPD Share at 100.00p based on (a) the Indian Closing Price of Rs 654.40 per IBREL Share on February 27, 2008 and (b) a currency exchange rate of GBP1.00 to Rs 79.12140 (being the exchange rate at 15:30 hrs. in Mumbai on February 27, 2008).

Simultaneous to this notice, the Company and DPD shall be making a 2.5 announcement in United Kingdom under the provisions of City Code on Takeovers and Mergers (Takeover Code).

Further the Company has informed that, the Board of Directors of the Company has resolved to obtain the approval of the Members of the Company via a Postal Ballot pursuant to Section 192A of the Companies Act, 1956 (the Act) read with the Companies (Passing of Resolution by Postal Ballot) Rules, 2001 (the Rules) for:

1. Issue of equity shares of the Company and / or Global Depository Receipts under the provision of Section 81(1A) of the Act;

2. Purchase of up to 100% of the ordinary shares of DPD by the issue of New IBREL Shares under the provisions of Section 372A of the Act;