Indiabulls Real Estate - Outcome of Board Meeting
With reference to the earlier announcements dated February 28, 2008 & May 08, 2008, Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 15, 2008, has issued and allotted 16,685,580 Equity shares of face value Rs 2/- each credited as fully paid-up, as underlying and representing 16,685,580 Global Depository Receipts (”GDRs”).
Consequent to the issue of the Equity shares as aforesaid, the Paid-up Equity Share Capital of the Company stands increased from the present Rs 48,16,70,132/- divided into 24,08,35,066 Equity shares of face value Rs 2 each to Rs 51,50,41,292/- divided into 25,75,20,646 Equity shares of face value Rs 2 each.
As stated in the earlier announcements referred to above, the issue of the Equity shares underlying and representing the GDRs as aforesaid is pursuant to and in terms of a Scheme of Arrangement providing for acquisition by the Company of 100% ordinary shares of Dev Property Development Plc. (DPD shares), an Isle of Man registered Company, the consideration for the said acquisition to be discharged by issue and allotment of the
Equity shares underlying the GDRs as aforementioned.
As informed earlier, the said Scheme was approved by the High Court of Justice of the Isle of Man, Chancery Division, the relevant Court and became effective on May 08, 2008 on which date a certified copy of the Scheme as sanctioned was filed with the Isle of Man Companies Registry. The DPD shares were issued to the Company on May 08, 2008.
Tags: Indiabulls Real Estate