Indiabulls Financial Services To Issue Equity Shares - May 23, 2009

In compliance with the terms of the scheme of arrangement between Indiabulls Credit Services, Indiabulls Financial Services, Indiabulls Securities and their respective shareholders and creditors, for merger of Indiabulls Credit Services with the company and demerger of the securities and advisory business undertaking of the company and its transfer and vesting in Indiabulls Securities as a going concern, the board has approved the issue and allotment of 2,56,80,708 equity shares of face value Rs 2 each in the company, credited as fully paid up, in favour of the shareholders of Indiabulls Credit Services in respect of the equity shares held by them in such company prior to its merger with the company.

Consequent to the issue and allotment of aforesaid equity shares the paid up equity share capital of the company stands increased from the previous Rs 45,54,92,562 to Rs 50,68,53,978. This was approved at the board meeting held on 24 December 2007.