Indiabulls seeks nod for biz demerger

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.

Pursuant to the Delhi high court order, separate meetings of the company's equity shareholders and unsecured creditors would be held on September 18 to consider the proposed scheme of arrangement (demerger), Indiabulls Financial Services informed the Bombay Stock Exchange.

The company had earlier filed an application with the high court, seeking approval for the demerger, following which Indiabulls Real Estate Ltd would be a separately traded public company and every shareholder holding one share of the company would get one share of IBREL.

Shares of Indiabulls Financial Services were trading at Rs 287.20 on the BSE, down 0.24 per cent.

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