Indiabulls Financial - Record Date for Scheme of Arrangement

Indiabulls Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on December 24, 2007 has fixed January 08, 2008 as the Record Date for ascertaining the list of Shareholders of Indiabulls Financial Services Ltd (the “Company” or “IBFSL”) who would be entitled to be allotted shares in Indiabulls Securities Ltd (the “Resulting Company” or “ISL”) in terms of the Scheme of Arrangement between Indiabulls Credit Services Ltd (“ICSL”), the Company and the Resulting Company for merger of ICSL with the Company and demerger of the Securities Broking and Advisory Business Undertaking of the Company to the Resulting Company, approved by the Hon’ble High Court of Delhi, New Delhi.

Further the Company has informed that certified copy of the Court order received by the Company on December 20, 2007, has been duly filed with the Registrar of Companies, NCT of Delhi & Haryana on December 24, 2007. Accordingly, December 24, 2007 is the Effective Date’ for the Scheme of Arrangement as aforesaid; Further, the Company inform that Mr. Gagan Banga has been appointed as the CEO of IBFSL and Mr. Divyesh Shah has been appointed as the CEO of ISL.

Note on Scheme of Arrangement

Indiabulls Credit Services Ltd (ICSL), registered NBFC (not accepting public deposits) is engaged in the Consumer finance business.

Indiabulls Financial Services Ltd (IBFSL), a public listed company, a registered NBFC (not accepting public deposits), is in the business of providing diversified Non Banking Financial Services including securities broking and advisory business services.

Indiabulls Securities Ltd (ISL), a corporate member of Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE) provides brokerage including Equities, Wholesale Debt, Futures and Options, Depository Services, Research Services, Mutual Funds and IPO distributions to its clients.

Through the Scheme of Arrangement, ICSL will get amalgamated with IBFSL and consequently issue its 3 (three) Equity Shares of Rs 2/- each for every 10 (Ten) Equity Shares of Rs 10/- each held by the shareholders of ICSL. Further, post merger of ICSL with IBFSL, the Securities Broking and Advisory Business Undertaking of IBFSL would get demerged and transferred with ISL, and consequently issue its 1 (one) Equity Share of Rs 2/- each for every 1 (One) Equity Share of Rs 2/- each held by the shareholders of IBFSL.