May 9, 2008

Indiabulls Real Estate - Acquisition of 100% ordinary shares of Dev Property Development Plc. by Indiabulls Real Estate Ltd

Indiabulls Real Estate Ltd has informed BSE that in continuation of the intimation sent by the Indiabulls Real Estate Ltd ("Company") on February 28, 2008 and May 07, 2008 in relation to the proposed investment and / or purchase of up to 100% of the ordinary shares in Dev Property Development Plc. ("DPD Shares") an Isle of Man registered Company listed on the London Stock Exchange's AIM ("DPD"), by issuance of new ordinary shares of the Company ("New IBREL Shares") represented by Global Depository Receipts ("GDRs") listed on the Luxembourg Stock Exchange's Euro MTF. The proposed investment and/or purchase of the DPD Shares by issuance of GDRs was to be implemented by way of a court approved scheme of arrangement under section 152 of the Isle of Man Companies Act 1931 ("Scheme").

Further the Company has informed that as informed earlier, the relevant court under the Isle of Man Companies Act 1931 has sanctioned the Scheme on May 07, 2008 and accordingly approved the acquisition of 100% ordinary shares of DPD by the Company.

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