Dec 23, 2006

Indiabulls realty arm valued at Rs 151.25 bn

Indiabulls Financial Services (IBFSL) has said that leading international real estate consultancy Knight Frank has valued the company`s stake in its real estate projects at Rs 151.25 billion.
Indiabulls Financial Services had signed up with Knight Frank for the valuation of its demerged real estate entity, Indiabulls Real Estate (IBREL). Knight Frank estimated the present value of 100% of the six development projects, in which IBREl is involved, at Rs 215.69 billion. The total present value of IBREL`s effective ownership in project companies undertaking the proposed development is Rs 151.25 billion. The board of directors of the company set Dec. 20, 2006 as the effective date for the demerger and Jan. 9, 2007 as the record date for ascertaining the list of shareholders of the company who would be entitled to be allotted shares in IBREL, in terms of the scheme.

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