Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2010, has discussed a proposal to consider various alternatives to restructure/ reorganize the wholesale trading business of the Company by way of a demerger, on a going concern basis, of the undertakings, business, activities and operations of the Company pertaining to its wholesale trading, including its shareholding in Indiabulls Wholesale Services Ltd., a wholly owned subsidiary of the Company. The restructuring is expected to unlock value and also streamline the operations and ownership structure of the Company.
For the above purpose, the Board has appointed advisers and authorized a committee to prepare and present the draft proposal and related documents, for consideration by the Board, based on which appropriate decisions in the matter would be taken followed by relevant announcements to the Exchanges.
The Board has also decided to convene an extra ordinary general meeting (EGM) of the members of the Company, on March 12, 2010, to seek their approval, pursuant to the applicable provisions under the Companies Act, 1956 and other applicable statutes, for various matters.