Indiabulls Real Estate to demerge wholesale trading biz
Date:2010-02-26
Description:
Indiabulls Real Estate said it will spin off its wholesale trading business to Indiabulls Wholesale Services, which will be listed on the bourses.
The board of directors of the company at its meeting yesterday, have approved a proposal, entailing the demerger of the wholesale trading business to Indiabulls Wholesale Services Ltd (IWSL), its wholly owned subsidiary, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The board has also approved the share entitlement ratio as per which pursuant to the demerger, Indiabulls Wholesale Services will issue securities like -- equity shares and global depository receipts (GDRs) to the shareholders and GDR holders of Indiabulls Real Estate.
Accordingly, shareholders of Indiabulls Real Estate will get one equity share of IWSL for every eight shares held in the company.
Besides, the shares of IWSL are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange and the GDRs would be listed on the Luxembourg Stock Exchange.
Earlier on February 15, Indiabulls Real Estate had said that the said restructuring is expected to unlock value and also streamline operations and ownership structure company.
The demerger is subject to necessary approvals from the shareholders, creditors and regulatory authorities including those of the stock exchanges, the company added.
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