Indiabulls Financial Services scheme of arrangement

Indiabulls Financial Services Ltd has informed that in compliance with the terms of the Scheme of Arrangement between Indiabulls Credit Services Ltd (ICSL), the Company, Indiabulls Securities Ltd (ISL) and their respective shareholders and creditors, for merger of ICSL with the Company and demerger of the Securities and Advisory Business Undertaking of the Company and its transfer and vesting in ISL as a going concern, duly approved by the High Court of Delhi, at New Delhi vide its order dated November 23, 2007 (received on December 20, 2007), the Board of Directors of the Company has in its meeting held on December 24, 2007, approved the issue and allotment of 2,56,80,708 (Two crore fifty six lac eighty thousand seven hundred and eight) Equity shares of face value Rs 2 each in the Company, credited as fully paid up, in favour of the shareholders of ICSL in respect of the Equity shares held by them in such Company (prior to its merger with the Company).

Consequent to the issue and allotment of aforesaid Equity shares the paid up Equity capital of the Company stands increased from the previous Rs 45,54,92,562/- (Rupees Forty five crore fifty four lac ninety two thousand five hundred and sixty two only) divided into 22,77,46,281 (Twenty two crore seventy seven lac forty six thousand two hundred and eighty one) Equity shares of face value Rs 2 each to Rs 50,68,53,978/- (Rupees Fifty crore sixty eight lac fifty three thousand nine hundred and seventy eight only) divided, into 25,34,26,989 (Twenty five crore thirty four lac twenty six thousand nine hundred and eighty nine) Equity shares of face value Rs 2 each in the Company.