Indiabulls Financial Services Ltd said on Friday it will seek shareholders approval for restructuring and re-organisation the company's businesses through the demerger of its real estate business into Indiabulls Real Estate Ltd. \n
Indiabulls Properties, the real estate arm of Indiabulls Financial Services, is planning to file an appeal in the Supreme Court against the Bombay High Court order setting aside the sale of land owned by National Textile Corporation in Mumbai.
Shares of Indiabulls Real Estate fell by over 12 per cent, Indiabulls Financial Services by 11 per cent, Indiabulls Power Ltd by 11.8 per cent and Indiabulls securities by about five per cent.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
Akruti City, Omaxe, Sobha Developers, among other property developers, are pledging shares with lenders to provide additional security, apart from hypothecating properties to borrow funds, according to information submitted to the stock exchanges. Promoters of Akruti, Omaxe and Sobha have pledged their shares with Indiabulls Financial Services, financiers like Dubai-based BankSarasin & Co and Credit Suisse as a liquid security for loans against properties.
The board of directors has considered the proposal entailing the demerger of Indiabulls Securities on a going concern basis and plans to list the resulting entity after the demerger, Indiabulls Financial informed the Bombay Stock Exchange.
Indiabulls has received Sebi's approval to enter the mutual fund operations.
The stake was bought for Rs 447 crore (Rs 4.47 billion).
Indiabulls Financial Services on Thursday said leading international real estate consultancy Knight Frank has valued its real estate business at Rs 15,125 crore (Rs 151.25 billion).
Shares list at 21% premium over offer price of Rs 825.
Indiabulls Financial Services Ltd will raise up to $ 60 million through Global Depository Receipts from the international capital market to fund its working capital requirements.
Indiabulls Financial Services Ltd on Thursday said it has priced its global depository receipt issue at $5.42 per GDR or Rs 235 per share of Rs 2 each, taking value offering to $130.8 million.
Indiabulls Financial Services has fixed the price of a $45 million Global Depository issue which is expected to be listed on the Luxembourg Stock Exchange.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
Gaurav Deepak has raised funds for about 100 new-age entrepreneurs.
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