INDIABULLS

Indiabulls Financial Services Limited has informed the Exchange that the Hon'ble High Court of Bombay in its order dated October 17, 2005 on the lawsuit filed by Bombay Environmental Action Group & Ors pertaining to the development of Mill Lands has ruled that the open lands would include lands after demolition of existing structures, thus upholding the old DCR that requires the mill owners to surrender one third of the total mill lands to Mahada, one third to BMC and the availability of balance one third mill lands to the mill owners for development purposes. The order of the Hon'ble High Cou

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the Company at its meeting held on October 17, 2005, inter-alia, has declared an Interim Dividend of Re.1/- per share (50% on the face value of Rs.2/- per share) for the financial year 2005-06.

Indiabulls Financial Services Limited has informed the Exchange regarding a Press Release dated October 10, 2005, titled 'Indiabulls declares net profit of Rs.59.93 crores for the quarter'. The details of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Goldman Sachs Investments (Mauritius) I Limited has informed the Exchange that they have acquired 555,532 shares aggregating to 0.34% of the total paid up capital of IndiaBulls Financial Services Limited on August 31, 2005. The mode of acquisition is Market Purchase and the shareholding of Goldman Sachs Investments (Mauritius) I Limited after the said acquisition is 8,321,661 shares aggregating to 5.14% of the total paid up capital of IndiaBulls Financial Services Limited.

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 Rs.300 crore Short Term Debt Programme of the Company (enhanced from Rs.150 crore).

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 60% equity in Indiabulls Estate Pvt. Ltd. (IEPL) for a consideration of Rs.6 million. Indiabulls Financial Services Ltd has invested Rs.4 million in IEPL and now owns 40% stake in the company. The main object of IEPL is to engage and participate in the construction and development of immovable properties.

Indiabulls Financial Services Limited has informed the Exchange that Goldman Sachs Investments (Mauritius) Limited had vide its faxed dated September 02, 2005 informed regarding purchase of equity shares of IndiaBulls Financial Services Limited. The details are given below. :- Goldman Sachs Investments (Mauritius) Limited has acquired 555,532 shares aggregating to 0.34% of the total share capital of IndiaBulls Financial Services Limited on August 31, 2005. The mode of acquisition is through Market Purchase and the shareholding of Goldman Sachs Investments (Mauritius) Limited after the said acq

Indiabulls Financial Services Limited has informed the Exchange that Merrill Lynch Capital Mkt. Espana SA SV, vide their letter dated August 30, 2005, have informed regarding the decrease in the percentage of their holding in the Company (i.e. Indiabulls Financial Services Limited), owing to sale of some of their shares since the last disclosure made and further on account of increase in the share capital of the Company consequent to the issue of GDRs. The details are as follows: (1) Shareholding as per last disclosure made by Merrill Lynch Capital Mkt, Espana SA SV vie their letter dated June

Citibank N.A. has informed the Exchange that their client Merrill Lynch Capital A/c Merrill Lynch Capital Market Espana SA SV has sold 3,54,547 shares aggregating to 0.27% of the share capital of Indiabulls Financial Services Ltd. on August 25, 2005. The mode of sale is Secondary Market Sale and the shareholding of Merrill Lynch Capital Market Espana SA SV after the said sale is 45,86,514 shares aggregating to 3.41% of the share capital of the Indiabulls Financial Services Limited.

Goldman Sachs Investment (Mauritius) Limited [GSIMI] has informed the Exchange that the shareholding of GSIMI in IndiaBulls Financial Services Limited has fallen from 7.67% [10,315,034 shares] on July 12, 2005 to 4.80% [7,777,662 shares] on August 17, 2005. The relevant triggering event has been increase in share capital of Indiabulls Financial Services Limited on August 17, 2005 from 134,439,074 shares to 162,039,074 shares. During this period, GSIMI has sold a net quantity of 2,537,372 shares.

Indiabulls Financial Services Limited has informed the Exchange that Goldman Sachs Investments (Mauritius) Limited have vide its faxed dated August 18, 2005 informed regarding decrease in percentage holdings owing to sale of shares and increase in the share capital of IndiaBulls Financial Services Limited. The details are given below. :- Goldman Sachs Investments (Mauritius) Limited has sold since July 12, 2005, 2,537,372 shares aggregating to 1.89%* of the total share capital of IndiaBulls Financial Services Limited and the shareholding of Goldman Sachs Investments (Mauritius) Limited after

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the Company in its meeting held on August 17, 2005, have in terms of the confirmation received from the Lead Managers "Merrill Lynch International" and "Citigroup Global Markets Limited", irrevocably exercising the over allotment option in respect of US$ 19,512,000, being the principal amount of Option GDRs, allotted 3,600,000 Equity Shares of par value of Rs.2 per share, as underlying shares representing 3,600,000 Global Depositary Receipts (GDRs), each GDR representing 1 Equity Share and priced at US$ 5.42.

Indiabulls Financial Services Limited [target company] has informed the Exchange that Farallon Capital Partners, L.P. alongwith following PAC: Farallon Capital Institutional Partners, L.P.; Farallon Capital Institutional Partners II, L.P.; Farallon Capital Institutional Partners III,L.P.; Tinicum Partners, L.P.; RR Capital Partners, L.P.and Farallon Capital Offshore Investors,Inc. has acquired 2,750,000 GDrs representing equal number of underlying Equity Shares aggregating to 1.7357% of the total share capital of IndiaBulls Financial Services Limited on August 09, 2005. The mode of acquisition

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 4,702,943 shares aggregating to 3.50%* of the total share capital of IndiaBulls Financial Services Limited on August 04, 2005. The mode of acquisition is through Open Market - Acquisition 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 17

Farallon Capital Management, L.L.C. has informed the Exchange that Farallon Capital Partners, L.P.; Farallon Capital Institutional Partners, L.P.; Farallon Capital Institutional Partners II, L.P.; Farallon Capital Institutional Partners III,L.P.; Tinicum Partners, L.P.; RR Capital Partners, L.P.and Farallon Capital Offshore Investor,Inc. have acquired 2,750,000 GDRs representing equal number of underlying Equity Shares aggregating to 1.7357% of the total paid up capital of Indiabulls Financial Services Limited on August 09, 2005. The mode of acquisition is through Subscription to the GDR issu

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the Company in its meeting held on August 09, 2005 have allotted 24,000,000 (Twenty four million) Equity Shares of par value Rs.2 per share, as underlying shares representing 24,000,000 (Twenty four million) Global Depository Receipts (GDRs), each GDR representing 1 Equity Share and priced at US$ 5.42.

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the Company in its meeting held on August 09, 2005 have alloted 11,000,000 (Eleven million) Warrants convertible into 11,000,000 (Eleven million) Equity Shares of the Company within 18 months from the date of allotment of Warrants.

8) Authorising the Board of the Company u/s 372A of the Companies Act, 1956 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, its subsidiary company viz. indiabulls Real Estate Company Private Limited up to Rs.500 Crore; 9) Authorising the Board of the Company u/s 372A of the Companies Act, 1956 to give loan, to its subsidiary company viz. Indiabulls Finance Company Private Limited up to Rs.500 Crore; 10) Authorising the Board of the Company u/s 372A of the Companies Act, 1956 to give any guarantee, or p

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: 1) Authorising the Board of the Company u/s 372A of the Companies Act, 1956 to give loan, to its subsidiary company viz. Indiabulls Securities Limited up to Rs.500 Crore; 2) Authorising the Board of the Company u/s 372A of the Companies Act, 1956 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, its subsidiary company

Indiabulls Financial Services Limited has informed the Exchange that the Company announced on August 04, 2005, that it has priced a US $ 130.08 million Global Depository (GDR) issue. The GDRs are expected to be listed on the Luxembourg Stock Exchange. Each GDR, representing one share of Rs.2 each, was priced at US$ 5.42 (Rs.235) per GDR. Indiabulls has granted an over-allotment option of up to US $ 19.51 million to Merrill Lynch International. The issue was priced after market trading hours on August 03, 2005. Merrill Lynch International and Citigroup acted as the Lead Managers for this offeri

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 26, 2005: Ordinary Business: 1) Approval and Adoption of Balance Sheet as at March 31, 2005 and the Profit and Loss Account for the year ended on that date together with the Reports of the Directors' and Auditors' thereon. 2) Re-appointment of Mr. Saurabh K. Mittal as a Director. 3) Appointment of M/s Deloitte Haskins & Sells, Chartered Accountants, as Auditors of the Company till the conclusion of the next AGM of

15) Approval u/s 81 (1A) of the Companies Act, 1956 to preferential allotment of 11,000,000 warrants convertible into 11,000,000 equity shares of Rs.2/- each at a conversion price of Rs.152/- each to the promoters of the company. 16) Approval u/s 81 (1A) of the Companies Act, 1956 for issue of further shares by International Offerings through a public issue of convertible securities / ADRs / GDRs and FCCBs convertible inot equity shares of the company upto US $ 150 million. 17) Approval u/s 81 (1A) of the Companies Act, 1956 for grant of 5,000,000 equity options to the employees of the company

Goldman Sachs Investments (Mauritius) I Limited has informed the Exchange that they have acquired 3,409,645 shares aggregating to 2.54% of the share capital of Indiabulls Financial Services Ltd. during the period from June 08, 2005 to July 12, 2005. The mode of acquisition is Market purchase of 629,645 ordinary shares and conversion of 2,780,000 GDRs to 2,780,000 ordinary shares. The shareholding of Goldman Sachs Investments (Mauritius) I Limited after the said acquisition is 10,315,034 shares aggregating to 7.67% of the share capital of Indiabulls Financial Services Limited.

Indiabulls Financial Services Limited has informed the Exchange that Indiabulls Real Estate Company Pvt. Ltd. (IRECPL) had participated in the bid of Elphinstone Spinning & Weaving Mills carried out by National Textile Mills (SM) Limited on July 21, 2005. The Company has been informed by National Textile Mills (SM) Limited authorities that IRECPL with its bid of Rs.441.75 crores for Elphinstone Spinning & Weaving Mills is the highest bidder in the abovementioned tender. A written communication from National Textile Mills (SM) Limited to this effect is awaited.

Indiabulls Financial Services Limited has informed the Exchange that Goldman Sachs Investments (Mauritius) Limited has acquired 3,409,645 shares(market purchase of 629,645 ordinary shares and conversion of 2,780,000 GDRs to 2,780,000 ordinary shares) aggregating to 2.53% of the total share capital of Indiabulls Financial Services Ltd. during the period from June 08, 2005 to July 12, 2005. The shareholding of Goldman Sachs Investments (Mauritius) Limited after the said acquisition is 10,315,034 shares aggregating to 7.67% of the total share capital of the Indiabulls Financial Services Limited.

Indiabulls Financial Services Limited has informed the Exchange that the Company has issued a Press Release dated July 11, 2005 with respect to the quarterly result of the Company for the quarter ended June 30, 2005. The details of the press release 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 the AGM of the Members of the Company is scheduled to be held on July 26, 2005 and for the purpose of AGM the Register of Members and Share Transfer Books shall remain closed during the period from July 22, 2005 to July 26, 2005 (both days inclusive).

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the company in its meeting held on July 02,2005 have decided to convene AGM of the shareholders of the company on July 26,2005 and have approved the notice to be sent to the shareholders containing the agenda and the explanatory statement. Copy of the notice of AGM 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 the BOD's of the Company in its meeting held on July 02, 2005 have decided to obtain the consent of shareholders by way of Postal Ballot, for the following Special Resolutions u/s 372A of the Companies Act, 1956: 1) For giving loans to Indiabulls Securities Limited ('ISL') up to Rs.500 Crores; 2) 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 ('ISL') up to Rs.500 Crores; 3) For giving loans to its subsid

10) 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, its subsidiary company viz Indiabulls Finance Company Pvt. Ltd. ('IFCPL') up to Rs.500 Crores. The Company has appointed Mr. Sanjay Khandelwal, Practicing Company Secretary, New Delhi, as Scrutinizer for conducting the Postal Ballot process. The duly completed postal ballot form should reach the Scrutinizer on or before closing of working hours on August 02, 2005 and the results of the Postal Ballot will be displayed and declared on August 04, 2005.

Indiabulls Financial Services Limited has informed the Exchange that Merrill Lynch Capital Market Espana S A SV has acquired 27,80,000 Shares aggregating to 2.07% of the share capital of Indiabulls Financial Services Limited on June 23, 2005. The mode of acquisition is Equity shares received against cancellation of GDR and the shareholding of Merrill Lynch Capital Market Espana S A SV after the said acquisition is 73,87,660 Shares aggregating to 5.50% of the share capital of Indiabulls Financial Services Limited.

Citibank N.A. has informed the Exchange that their client Merrill Lynch Capital Market Espana S A SV has acquired 2,780,000 shares aggregating to 2.07% of the total paid up capital of Indiabulls Financial Services Ltd. on June 23, 2005. The mode of acquisition is Equity shares received against cancellation of GDR shares. The shareholding of Merrill Lynch Capital Market Espana S A SV after the said acquisition is 7,387,660 shares aggregating to 5.50% of the total paid up capital of the Indiabulls Financial Services Limited.

Goldman Sachs Investments (Mauritius) I Limited has informed the Exchange that they have acquired 252,000 shares aggregating to 0.19% of the total paid up capital of Indiabulls Financial Services Ltd. on June 07, 2005. The mode of acquisition is Market Purchase of 1,02,000 ordinary shares and conversion of 1,50,000 GDRs to 1,50,000 ordinary shares. The shareholding of Goldman Sachs Investments (Mauritius) I Limited after the said acquisition is 69,05,389 shares aggregating to 5.14% of the total paid up capital of Indiabulls Financial Services Limited.

Indiabulls Financial Services Limited has informed the Exchange that Goldman Sachs Investments (Mauritius) Limited. has acquired 2,52,000 shares aggregating to 0.19% of the total share capital of Indiabulls Financial Services Ltd. on June 07, 2005. The mode of acquisition is Market Purchase of 1,02,000 ordianry shares and conversion of 1,50,000 GDRs to 1,50,000 ordinary shares.The shareholding of Goldman Sachs Investments (Mauritius) Limited. after the said acquisition is 69,05,389 shares aggregating to 5.14% of the total share capital of the Indiabulls Financial Services Limited.

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 Rs. 150 crore Short Term Debt Programme of the company. Futher the company has also informed that previously CRISIL had assigned the same rating [i.e. "P1+" (pronounced as 'P one plus')] to Rs. 100 crore Short Term Debt Programme of the company.

Indiabulls Financial Services Limited has informed the Exchange that Indiabulls Finance Company Private Limited, a majority owned subsidiary of Indiabulls Financial Services Limited and Indiabulls Financial Services Limited have signed share subscription and shareholders agreement with Amaprop Limited, an entity managed by Amaranth Advisors L.L.C. for the purposes of an equity investment of Rs.1,309.71 million from Amaprop Limited in Indiabulls Finance Company Private Limited. As per the terms and conditions of the share subscription and shareholders agreement signed with Amaprop Limited, Indi

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 09, 2005 has allotted 12,00,000 Equity Shares of Rs. 2/- each to the employees under its Employee Stock Option Plan - 2004.

Indiabulls Financial Services Limited has informed the Exchange that the company is issuing a press release dated April 18, 2005 titled "Indiabulls declares Net Profit of Rs.56.7 crores for FY2005,a rise of 193% over previous year". The details of the press release 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 the Rating Committee of CRISIL has assigned the highest rating of "P1+" (pronounced 'P one plus') to Rs. 100 crore Short Term Debt Programme of the company.

Indiabulls Financial Services Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on March 30, 2005 has re-constituted the Board. 1) Following independent director has resigned from the Board of Directors of the Company w.e.f. March 30, 2005: Mr. T. C. Gupta; 2) Following independent director has been appointed to the Board of Directors of the Company w.e.f. March 30, 2005: Mr. Karan Singh; 3) Following executive director has been appointed to the Board of Directors of the Company w.e.f. March 30, 2005: Mr. Gagan Banga.

News Verification :The press had reports on March 25, 2005 that Indiabulls Properties Private Limited,the JV of Indiabulls Financial Services has bought National Textile Corporation's Jupiter Mills land with a bid of Rs 276.51 crore. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press 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 have been informed by National Textile Mills (SM) Limi

Indiabulls Financial Services Limited has informed the Exchange that the Company has incorporated a wholly owned subsidiary Indiabulls Investment Private Limited ("IIPL") with a paid up share capital of Rs. 5 lacs. Additionally, Indiabulls Financial Services Limited has invested Rs.40 lacs in a new company, Indiabulls Properties Private Limited ("IPPL") for a 40% stake in IPPL whereas the balance 60% of IPPL will be held by FIM Limited, a company incorporated in Mauritius. The main objects of IIPL is to undertake various forms of investments across different asset classes including all form of

Indiabulls Financial Services Limited has informed the Exchange that the BODs of the company in its meeting held on March 08,2005, have in terms of the notice dated March 03,2005 received from the Lead Manager "Merrill Lynch International", irrevocably exercising the over allotment option in respect of US$15,000,000 being the principal amount of option GDRs, allotted 6,121,653 equity shares of par value of Rs.2 per share, as underlying shares representing 6,121,653 Global Depository Receipts(GDRs),each GDR representing 1 equity share and priced at US$ 2.45.

Indiabulls Financial Services Limited has informed the Exchange that in terms of the subscription agreement dated February 25,2005 executed by the company with Merrill Lynch International (the "Lead Manager"), the Lead Manager has sent a notice dated March 03,2005 irrevocably exercising the over allotment option in respect of US $15,000,000 being the principal amount of option GDRs. The aggregate number of Option GDRs shall be 6,121,653 GDRs representing 6,121,653 underlying equity shares of par value of Rs.2 each.

Indiabulls Financial Services Limited has informed the Exchange that the BOD's of the Company in its meeting held on March 02, 2005 have allotted 18,367,347 equity shares of par value Rs.2 per share, as underlying shares representing 18,367,347 Global Depositary Receipts (GDRs), each GDR representing 1 equity share and priced at US$ 2.45.

Indiabulls Financial Services Limited has informed the Exchange that M/s Infinity Technology Trustee Pvt.Ltd., one of the shareholders of the company has sold 2,409,000 shares aggregating to 2.21% of the total share capital of Indiabulls Financial Services Limited during the period from February 14,2005 to February 18,2005.The shareholding of M/s Infinity Technology Trustee Pvt.Ltd. after the said sale is 2,575,000 shares aggregating to 2.37% of the total share capital of Indiabulls Financial Services Limited. M/s. Infinity Technology Trustee Pvt. Ltd. is a trustee of Infinity Venture India F

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 have acquired 28,54,207 shares aggregating to 2.62% of the total share capital of Indiabulls Financial Services Limited on February 18,2005.The mode of acquisition was through open market 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 67,98,576 shares aggrega

Indiabulls Financial Services Limited has informed the Exchange that the company announced on February 25,2005 that it has priced a US$ 45 million Global Depository (GDR) issue. The GDRs are expected to be listed on the Luxembourg Stock Exchange. Each GDR, representing a discount of 5% to the average of last three days closing price of the shares on The National Stock Exchange Limited. The company has granted an over allotment option of up to US $15 million to Merrill Lynch International. The issue was priced after market trading hours on February 24,2005.Merrill Lynch International acted as t

Indiabulls Financial Services Limited has informed the Exchange that the company has planned to complete its proposed GDR of up to $ 60 M with a main shoe component of up to US $ 45 Million and a over allotment option of up to US $ 15 Million. Further, the Company, upon having access to this additional working capital will have the flexibility to conduct its business, expand the same and undertake new initiatives, which are expected to contribute to the growth of the Company. The Company expects to sustain its current growth rate of over 100%. Keeping these factors in mind, the Company expects

Indiabulls Financial Services Limited has informed the Exchange that M/s Infinity Technology Trustee Pvt.Ltd., one of the shareholders of the company has sold 4,000,000 shares aggregating to 3.68% of the total share capital of Indiabulls Financial Services Limited during the period from February 02,2005 to February 09,2005.The shareholding of M/s Infinity Technology Trustee Pvt.Ltd. after the said sale is 4,984,000 shares aggregating to 4.58% of the total share capital of the company.