INDIABULLS

Indiabulls Financial Services Limited has informed the Exchange that upon exercise of the option for conversion of warrants by the promoters and receipt of exercise amount aggregating Rs. 81,18,00,000 (Indian Rupees Eighty One crores Eighteen Lacs only) (total subscription money less 10% upfront amount paid at the time of allotment of warrants), the Board of Directors of IBFSL (Indiabulls Financial Services Limited) at its meeting held today i.e. January 13, 2007, has allotted an aggregate of 1,10,00,000 (One crore ten lac) Equity Shares of face value Rs. 2 each at a conversion price of Rs. 82

Consequent to the above allotment, the Paid-up Equity Share Capital of IBFSL stands increased from Rs. 33,73,50,756 divided into 16,86,75,378 Equity Shares of face value Rs. 2 each to Rs. 35,93,50,756 divided into 17,96,75,378 Equity Shares of face value Rs. 2 each.

Indiabulls Financial Services Limited has informed the Exchange that: "Indiabulls Real Estate Limited ("the Company") is proposing to enter into arrangements with Dev Property Development Plc., a company incorporated in the Isle of Man ("Dev"), whereby Dev shall subscribe to new shares and also acquire a minority shareholding from the Company, in the following project companies: a) Indiabulls Properties Private Limited - which is developing Jupiter Mills; b) Indiabulls Real Estate Company Private Limited - which is developing Elphinstone Mills; and c) Indiabulls Infrastructure Development Limi

Indiabulls Financial Services Limited has informed the Exchange that "the Compensation Committee constituted by the Board of Directors of the Company has at its meeting held today i.e. January 9, 2007, granted 25,00,000 (Twenty five lacs) Stock Options representing an equal number of equity shares of face value of Rs. 2 each in the Company, to the permanent employees of the Company and those of its subsidiary companies (Eligible Employees), at an exercise price of Rs. 272.60, being the closing market price on the National Stock Exchange of India Ltd., as on January 9, 2007. The Stock Options s

Indiabulls Financial Services Limited has informed the Exchange as follows: 1) The Board of Directors of the Company has, at its meeting held on December 20, 2006, fixed January 09, 2007 as the Record Date for ascertaining the list of Shareholders of Indiabulls Financial Services Limited (the Company) who would be entitled to be allotted shares in Indiabulls Real Estate Limited (the Resulting Company) in terms of the Scheme of Arrangement between the Company and the Resulting Company for demerger of the Real Estate Undertaking of the Company to the Resulting Company, approved by the Hon'ble Hi

3) Valuation of real estate assets - Pursuant to the Scheme, the real estate business of Indiabulls Financial Services Limited has been demerged to Indiabulls Real Estate Limited. Some of the real estate that would be a part of Indiabulls Real Estate Limited have been valued by Knight Frank, a leading international real estate consultancy company. Knight Frank has estimated the present value of 100% of the six development projects at Rs.215,690 million. The total present value of Indiabulls Real Estate Limited's effective ownership in the project companies undertaking the proposed developments

Indiabulls Financial Services Limited has informed the Exchange that: "Indiabulls Financial Services Limited (the "Company") has acquired 100% of the equity share capital of Noble Realtors Private Limited ("Noble Realtors"). Noble Realtors is a company incorporated under the Companies Act, 1956 which is engaged in the business of construction and development of real estate projects".

Indiabulls Financial Services Limited has informed the Exchange that: "Indiabulls Financial Services Limited ("the Company") has increased its equity stake in Indiabulls Real Estate Company Private Limited ("IRECPL") to 50.5% through conversion of Optionally Convertible Debentures held by the Company in IRECPL amounting to Rs. 82.29 crore. FIM Limited, a company incorporated in Mauritius and managed by Farallon Capital Management LLC based in San Francisco, USA, holds 49.5% stake in IRECPL. Farallon Capial Management LLC is an investment advisor registered with the US Securities and Exchange C

Indiabulls Financial Services Limited has informed the Exchange that "the Hon'ble High Court of Delhi at New Delhi has, vide order dated 6th December, 2006 sanctioned the Scheme of Arrangement between Indiabulls Financial Services Limited (the "Company"), Indiabulls Real Estate Limited and their respective shareholders and creditors for the demerger of the real estate undertaking of the Company to Indiabulls Real Estate Limited".

Indiabulls Financial Services Limited has informed the Exchange that Karrick Limited and FIM Holding B Ltd will buy 13.33% equity in Indiabulls Infrastructure Development Limited for a total consideration of Rs. 447 crores. While Karrick Limited will buy 3.33% equity in Indiabulls Infrastructure Development Limited for a consideration of Rs. 111.75 crores on behalf of Mr. L N Mittal, FIM Holding B Limited, a Wholly owned subsidiary of Farallon Funds and managed by Farallon Capital Management LLC based in San Francisco, USA will acquire 10.0% equity in Indiabulls Infrastructure Development Limi

News Verification : The media had reports that Indiabulls Financial Services Limited Reliance Capital may acquire stake in the company. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Indiabulls Financial Services Limited has vide its letter inter-alia stated, "We wish to state that our Company does not comment on speculative media reports. We would like to reiterate that as in the past, the Company would timely an

Indiabulls Financial Services Limited has informed the Exchange that pursuant to the receipt of Shareholders� approval by a Special Resolution passed through Postal Ballot on November 2, 2006, the Board of Directors of the Company has, at its meeting held on November 07,2006, issued and allotted on a preferential basis, 7,250,000 fully paid-up Equity Shares of face value Rs. 2/- each in the Company at an issue price of Rs.417/- per Equity Share, aggregating Rs. 3,023,250,000/- to Crown Capital Limited, a SEBI-registered sub-account of Deutsche International Trust Corporation (Mauritius) Limite

Indiabulls Financial Services Limited has informed the Exchange that Indiabulls Infrastructure Development Limited, a wholly owned subsidiary of Indiabulls Financial Services Limited, focused on development of large scale infrastructure projects, has received an "in-principle" approval from Department of Commerce (SEZ Section), Ministry of Commerce & Industry, Government of India for development of a multi-product Special Economic Zone (SEZ) in the State of Maharashtra.

Indiabulls Financial Services Limited has submitted to the Exchange a copy of Proceedings of the Court convened Meeting of Equity shareholders and Unsecured Creditors of the Company held on September 18, 2006. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/Indiabulls_Not_02112006.zip target=NEW> For more details click here.</a>

Indiabulls Financial Services Limited had informed the Exchange regarding Preferential Issue of 72,50,000 Equity Shares of the Company through Postal Ballot. The company has now informed the Exchange that pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001, as amended, the Shareholders of the Company have unanimously passed a Special Resolution, by means of a Postal Ballot (the result whereof has been announced by the Board-appointed Scrutinizer on November 02,2006). The aforementioned Special Resolution authorize

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on October 16, 2006, declared dividend @ 5% on 9,966,667 cumulative, redeemable, non-convertible preference shares of face value Rs.300/- each, and 11,500,000 cumulative, redeemable, convertible preference shares of face value Rs.300/- each, aggregating Rs.529.31 lacs payable pro rata for the period from August 02, 2006 to September 30, 2006.

Indiabulls Financial Services Limited has informed the Exchange regarding the Earnings update Q2 FY07/Half yar ended September 30, 2006. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/Indiabulls_Ear_16102006.zip target=NEW> For more details click here.</a>

Indiabulls Financial Services Limited has informed the Exchange that pursuant to Section 192A of the Companies Act, 1956 (the "ACT") read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 (the "Rules") consent of the members of the Company is required to be obtained through Postal Ballot for the following special business : Special resolution under Section 81 (1A) of the Companies Act, 1956, read with SEBI (Disclosure and Investor Protection) Guidelines, 2000 on preferential allotment for issuance of 72,50,000 equity shares of the face value of Rs. 2/- each at a price

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on September 29, 2006, has approved the draft notice containing the Special Resolution to be passed under Section 81(1A) of the Companies Act, 1956, through Postal Ballot, for the preferential issue of 72,50,000 Equity Shares of the Company of face value of Rs.2 each at an issue price of Rs.417 per share aggregating Rs.302.33 crores in favour of Crown Capital Limited, a SEBI registered sub-account of Deutsche International Trust Corporation ( Mauritius) Limited, a Fore

Indiabulls Financial Services Limited has informed the Exchange that as per the directions of the Hon'ble High Court of Delhi at New Delhi, separate Meetings of Equity Shareholders and Unsecured Creditors of Indiabulls Financial Services Ltd. (the "Company") were held September 18, 2006 to consider the proposed of Scheme of Arrangement between the Company and Indiabulls Real Estate Limited and their respective Shareholders and Creditors. The said Scheme of Arrangement has been unanimously approved by the Equity Shareholders and Unsecured Creditors of the Company, and is now subject to the fina

Indiabulls Financial Services Limited has informed the Exchange that as per the RBI Guidelines that allow Merger/Amalgamation between an NBFC and a Bank, the Board of Directors of Indiabulls Financial Services Limited (IBFSL) has approved submission of an Expression of Interest to Reserve Bank of India (RBI) proposing merger of United Western Bank (UWB) with IBFSL. The proposal is subject to the approval of RBI and other requisite regulatory and statutory approvals. The terms of the proposed merger would be to offer a merger ratio of 1 share of Indiabulls Financial Services Limited, post demer

The Board believes that, the key benefits for United Western Bank stakeholders would include: 1) Strong Capital Base of the combined organization would provide necessary strength to UWB's balance sheet and remove the risk that the bank's current depositors face. 2) Enhanced equity value for UWB shareholders: The company would offer 1 share of Indiabulls Financial Services Limited (after demerger of Real Estate business) for 6 shares of UWB thus providing a large upside to UWB shareholders. This would result in significant value creation for UWB shareholders and would provide immediate relief a

In addition, the proposed merger is in the best interest of the shareholders of Indiabulls financial Services Limited given the financial and strategic considerations of the transaction. The benefits of a large and diversified banking institution and the opportunity to cross-sell services to both customers would create immense value. The board believes that the key benefits for Indiabulls Financial Services Ltd include: 1) Complete the product offering to include deposit and deposit linked products to the large customer base of Indiabulls and thus provide for a stronger relationship as well as

Indiabulls Financial Services Limited has informed the Exchange that Indiabulls Financial Services Limited (the "Company") has entered into three Share Subscription and Shareholders Agreements on September 04, 2006 with FIM Limited ("FIM") and each of Indiabulls Infrastructure Limited ("IIL"), Indiabulls Properties Private Limited ("IPPL") and Indiabulls Estate Limited ("IEL"), in relation to the Company's and FIM's respective shareholdings in each of IIL, IPPL and IEL. Pursuant to the said agreements, the equity stake of the Company in IIL, IPPL and IEL will increase from the present 40% up t

Indiabulls Financial Services Limited has submitted to the Exchange a copy of the Proceedings of the AGM of the Members of the Company held on July 17, 2006. The details of the proceedings shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Indiabulls Financial Services Limited has informed the Exchange that by an Order made on August 08, 2006, the Hon'ble High Court of Delhi, has directed that a meeting of the Unsecured Creditors and Equity Shareholders of the Applicant Company be held on September 18, 2006 for the purpose of considering, and if thought fit, approving with or without modification(s), the proposed Scheme of Arrangement/Demerger between Indiabulls Financial Services Limited and Indiabulls Real Estate Limited and their shareholders and creditors. The details of the same shall be available on the NSE website (http:/

Indiabulls Financial Services Limited has informed the Exchange that the Rating Committee of CRISIL has assigned the highest rating of "P1+" (pronounced 'P one plus') to the Rs. 500 crore Short Term Debt Programme of the Company (enhanced from Rs. 300 crore).

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors has not declared any interim dividend at its meeting held on July 25, 2006. Accordingly, the Record Date intimated to the Stock Exchange (i.e. August 17, 2006) for the said purpose stands withdrawn. The company has further informed the Exchange that inadvertently, the said Communication was not made earlier.

Indiabulls Financial Services Limited has informed the Exchange that the Company has on August 7, 2006, filed an Application under Section 391 of the Companies Act, 1956 with the Hon'ble High Court of Delhi, New Delhi, seeking its approval to the demerger of the Company's Real Estate Business to IBREL(Indiabulls Real Estate Ltd)(which would be a separately traded public company once the proposed demerger is completed ), and for its direction to convene and hold meetings of the Equity Shareholders and Unsecured Creditors of the Company in this behalf. Upon demerger of the Real Estate Business,

Indiabulls Financial Services Limited has informed the Exchange that subsequent to the receipt of Shareholders' approval by a Special Resolution passed through Postal Ballot on July 20,2006, the Board of Directors of the Company has, at its meeting held on August 02,2006, allotted Preference Shares to Oberon Limited, an affilliate of Farallon Capital Management, L.L.C. pursuant to a Share Subscription Agreement dated June 18,2006, as per details given below: (a) 9,966,667 cumulative, redeemable, non-convertible preference shares of face value Rs.300/- each, aggregating 46.43% of the post issue

Indiabulls Financial Services Limited has informed the Exchange that the following changes in the Board of Directors of the Company as effected in the Board Meeting of the Company held on July 31, 2006 is as follows :- 1) Acceptance of resignation of Mr. Kartar Singh Gulia from the Board of Directors. 2) Appointment of Mr. Prem Prakash Mirdha as an independent director on the Board of Directors.

Indiabulls Financial Services Limited has submitted to the Exchange a copy of the Earnings Update - Q1 FY07. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

Indiabulls Financial Services Limited has informed the Exchange that pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolutions by Postal Ballot) Rules, 2001, as amended, the Shareholders of the Company have passed the following Resolutions with requisite majority, by means of Postal Ballot (the results whereof have been announced by the Board-appointed Scrutinizer on July 20,2006): 1) Increase in the Authorised Share Capital of the Company from Rs. 50,00,00,000/- divided into 25,00,00,000 Equity Shares of Rs. 2/- each to Rs. 1255,00,00,000/- divide

Indiabulls Financial Services Limited has informed the Exchange that the record date for the purpose of determining the names of the members eligible for payment of the interim dividend, if any, will be August 17, 2006 instead of August 04,2006. The said interim dividend, if declared, will be paid on or after August 21, 2006 instead of August 18, 2006.

Indiabulls Financial Services Limited has informed the Exchange that the Final Dividend of Rs.0.30 per share (15% on the face value of Rs.2 per share) declared at the AGM of the Company held on July 17, 2006 will be paid on or after August 10, 2006.

Indiabulls Financial Services Limited has informed the Exchange that shareholders of the Company have accorded their approval to the following at the AGM of the Company held on July 17,2006: 1) Declaration of Final Dividend of Re.0.30 per share (15% on the face value of Rs.2 per share). 2) Re-appointment of Mr. Shamsher Singh as a Director of the Company, liable to retire by rotation. 3) Re-appointment of Mr. Aishwarya Katoch as a Director of the Company, liable to retire by rotation. 4) Re-appointment of M/s Deloitte Haskins & Sells, Chartered Accountants, as Auditors of the Company till the

Indiabulls Financial Services Limited has informed the Exchange that the record date for the purpose of determining the names of the members eligible for payment of the interim dividend, if any, will be August 04,2006. The said interim dividend, if declared, will be paid on or after August 18,2006.

Indiabulls Financial Services Limited has informed the Exchange that Lloyd George Investment Management (Bermuda) Limited has sold 3,321,384 shares aggregating 2.06% of the total paid up capital of Indiabulls Financial Services Limited. The total shareholding of Lloyd George Investment Management (Bermuda) Limited after the said sale is 775,266 shares aggregating 0.48% of the total paid up capital of Indiabulls Financial Services Limited.

Indiabulls Financial Services Limited has informed the Exchange that FMR Corp. and its direct and indirect subsidiaries and Fidelity International Limited (FIL) and its direct and indirect subsidiaries has acquired 705,000 shares aggregating to 0.44% of total paid up capital of Indiabulls Financial Services Ltd. The total shareholding of FMR Corp. and its direct and indirect subsidiaries and Fidelity International Limited (FIL) and its direct and indirect subsidiaries after the said acquisition is 15,708,980 shares aggregating to 9.73% of the total paid up capital of Indiabulls Financial Servi

Indiabulls Financial Services Limited has informed the Exchange that Goldman Sachs Investments (Mauritius) I Lmited (GSIMI) has acquired 3,321,384 shares aggregating 2.06% of the total paid up capital of Indiabulls Financial Services Limited on June 28, 2006. The mode of acquisition is through Market Purchase and the total shareholding of Goldman Sachs Investments (Mauritius) I Lmited (GSIMI) after the said acquisition is 8,773,451 shares aggregating to 5.43% of the total paid up capital of Indiabulls Financial Services Limited.

Fidelity International has informed the Exchange that FMR Corp.and its direct and indirect subsidiaries and Fidelity International Limited (FIL) and its direct and indirect subsidiaries has acquired 705,000 shares aggregating to 0.44% of total share capital of Indiabulls Financial Services Ltd. on June 28, 2006. The mode of acquisition is through Open Market - Exclusion of GDRs and the shareholding of FMR Corp. and its direct and indirect subsidiaries and Fidelity International Limited (FIL) and its direct and indirect subsidiaries after the said acquisition is 15,708,980 shares aggregating to

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on June 18,2006 has decided to convene the AGM of the shareholders of the Company on July 17,2006 and has approved the notice to be sent to the shareholders contianing the agenda. Further, for the purpose of AGM and also for the purpose of determining the names of members eligible for payment of final dividend, if declared, the Register of Members and Share Transfer Books shall remain closed during the period from July 13,2006 to July 17,2006 (both days inclusive) and

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company at a board meeting held on June 18, 2006 approved issuance of convertible and non-convertible Preference Shares on preferential basis for an amount of Rs. 644 crores to Oberon Limited, a special purpose vehicle wholly owned by funds managed and controlled by Farallon Capital Management L.L.C. subject to necessary approvals in this regard. Pursuant thereto, the Company has entered into a Share Subscription Agreement for the said preferential allotment to Oberon Limited ("Oberon"). Under th

At the aforesaid board meeting an pursuant to the approval of the preferential allotment of shares as aforesaid, the Company has also approved certain modification to the scheme of arrangement for the demerger of the real estate undertakings of the Company to Indiabulls Real Estate Limited under Sections 391-394 of the Companies Act, 1956 (the "Scheme"). The Scheme was earlier approved at a board meeting of the Company on May 01, 2006.

Indiabulls Financial Services Limited has informed the Exchange that the Company completed a share subscription agreement with Oberon Limited, a special purpose vehicle wholly owned by funds managed and controlled by Farallon Capital Management L.L.C. Under the terms of the agreement, Oberon will be allotted convertible preference and non-convertible preference shares for a total consideration of Rs.644 crores. A press release with respect to the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Cor

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on June 18,2006 has approved the Notice containing the draft resolutions to be approved through Postal Ballot and the Explanatory Statement. Pursuant to Section 192A(2) of the Companies Act, 1956, read with the Companies (Passing of the Resolutions by Postal Ballot) Rules, 2001 ("Rules), the consent of the shareholders for folowing purpose is required to be obtained by means of a postal ballot: 1) Ordinary Resolution under Section 16 and 94 of the Companies Act, 1956,

Indiabulls Financial Services Limited has informed the Exchange that subsequent to receipt of Rs. 250 million from promoters as the upfront subscription money, Board of Directors of the Company in its meeting held on June 08, 2006 have allotted 10,000,000 (Ten million) Warrants to the promoters of the Company, convertible into 10,000,000 (Ten million) Equity Shares, within 18 months from the date of allotment of Warrants at a conversion price of Rs.250 per equity share.

Indiabulls Financial Services Limited has informed the Exchange that the shareholders of the Company passed the following Special Resolutions through Postal Ballot with requisite majority, authorizing the Board of the Company u/s 372 A of the Companies Act, 1956 :- (i) To give loans to Indiabulls Securities Limited a subsidiary of the Company, upto Rs. 1500 Crores. (ii) To give any guarantee, or provide any security, in connection with the loan or loans made by any other person to, or to any other person by, Indiabulls Securities Limited, upto Rs. 1500 Crores. (iii) To give loans to Indiabulls

Indiabulls Financial Services Limited has informed the Exchange that FIM Limited, a company incorporated in Mauritius and managed by Farallon Capital Management LLC based in San Francisco, USA, has bought 36% equity in Indiabulls Buildcon Limited (IBL) for a consideration of Rs. 150 million. Farallon Capital Management LLC is an investment advisor registered with the US Securities and Exchange Commission (SEC), managing over US $ 17.5 billion in private assets for some of the leading institutions. Institutional Investor magazine, leading international publication focused on Investment Manageme

Indiabulls Financial Services Limited(IBFSL) has informed the Exchange that due to allotment of 12,00,000 equity shares of Rs. 2 each under its Employee Stock Option Plan on April 20, 2006, the paid up capital of IBFSL has increased from 16,02, 25,378 equity shares of Rs. 2 each to 16,14, 25,378 equity shares of Rs. 2 each. Due to the said increase in the paid up share capital of the company, there is a change in percentage shareholding of SMALLCAP World Fund (SMALLCAP) in IBFSL as per details given below:(1) Shareholding of SMALLCAP in IBFSL prior to increase in paid up share capital of IBFS