INDIABULLS

Indiabulls Financial Services Limited has informed the Exchange that Indiabulls Credit Services Limited, a majority owned subsidiary of Indiabulls Financial Services Limited, has issued 8,000,000 equity shares of Rs.10/- each to Farallon Capital and its affiliates on February on February 08, 2005 against the share application money of Rs.876 million received from Farallon Capital and its affiliates. Indiabulls Credit Services Limited had received FIPB approval for issuance of shares to Farallon Capital and its affiliates on February 01, 2005. Shareholders of Indiabulls Financial Services Limit

Indiabulls Financial Services Limited has informed the Exchange that members at the EGM of the company held on February 07,2005 have accorded their approval to the following:1)Issue of further shares by international Offerings through a public issue of convertible securities/ADRs/GDRs and FCCBs convertible into equity shares of the company upto USD 60 million2)Increase in Authorised Capital from Rs.25 crore to Rs. 50 crore and consequent amendment in Clause V of the Memorandum of Association of the Company.3)Amendment to Clause 4 of the Articles of Association, consequent to change in authoriz

Indiabulls Financial Services Limited has informed the Exchange that the BOD's of the Company have, in their meeting held on January 11, 2005, reviewed the agenda for the EGM of the shareholders and it was discussed that in addition to the matters contained in the earlier notice, the following additional agenda should be included for the EGM: (a) to increase the permissible aggregate Foreign Institutional Investor (FII) share holding limit in the company to 100%; (b) to increase the permissible aggregate Non-Resident Indian (NRI) share holding limit in the company to 24%; (c) to increase the a

Indiabulls Financial Services Limited has informed the Exchange that the BOD's of the Company in its meeting held on January 05, 2005, have decided to call for an extra ordinary general meeting of the shareholders on February 02, 2005 and have approved the notice to be sent for the shareholders containing the agenda and the explanatory statement. The details of the EGM notice 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 Farallon Capital and its affiliates have invested Rs 876 million as share application money for a proposed 33% stake in Indiabulls Credit Services Limited, a majority owned subsidiary of Indaibulls Financial Services Limited. Farallon Capital and its affiliates have signed a shareholders agreement with Indiabulls Financial Services Ltd., Indiabulls Credit Services Ltd and the three promoters of Indiabulls Financial Services Ltd namely Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal for the proposed stake in Indiabulls Credit

Indiabulls Financial Services Limited has informed the Exchange that the BOD's of the Company in its meeting held on December 20, 2004 has re-constituted the Board as per the latest SEBI circular dated October 29, 2004 on amended clause 49 of the Listing Agreement. Nominee directors of venture capital and private equity investors have resigned in favour of new directors. The said venture capital and private equity investors have been shareholders of the company since year 2000 and have not sold any of their shareholding in the company. (1) Following nominee directors have resigned from the BOD

Indiabulls Financial Services Limited had informed the Exchange regarding the acquisition of 60,50,474 (5.56%) shares of the Company by Lloyd George Management (Bermuda) Limited. The Company has now informed that the name of the acquirer was inadvertently mentioned as Lloyd George Management (Bermuda) Limited instead of Lloyd George Investment Management (Bermuda) Limited and that the actual acquisition is 6,85,474 (0.63%) shares and not 60,50,474 (5.56%) shares, as mentioned earlier. The details of the revised acquisition is as follows: Lloyd George Investment Management (Bermuda) Ltd. has a

Indiabulls Financial Services Limited has informed the Exchange that Lloyd George Management(Bermuda),Limited has acquired 60,50,474 shares representing approximately 5.56% of the total shareholding of Indiabulls Financial Services Limited.

Indiabulls Financial Services Limited has informed the Exchange that in the Board meeting held on November 10,2004 the following resultion was passed: Resolved that the Board, be and is hereby authorized to consider various alternatives for funding the Company, including external commercial borrowings, issuance of convertible debentures, non-convertible debentures, foreign currency convertible bonds, etc. and to do all such acts, deeds and things as may be necessary to give effect to this resolution. It was further resolved that Mr. Sameer Gehlaut, CEO and director of the Company and Mr.Raji

Indiabulls Financial Services Limited has informed the Exchange that the company has promoted a new subsidiary,Indiabulls Credits Ltd that will engage in the business of consumer finance.Initially,Indiabulls Financial Services Ltd. will invest Rs.20 crores int he new subsidiary.