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Indiabulls to reorganise biz; mulls demerger of broking arm

Source: PTI
February 05, 2007 12:20 IST
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Indiabulls Financial Services said on Monday it will re-organise its business, including the demerger of its brokerage services -- Indiabulls Securities Ltd.

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 expects that the restructuring initiatives would unlock significant value and also streamline the operations and ownership structure," the company said.

Additionally, it has proposed the

amalgamation of the entire business and undertaking of Indiabulls Credit Services Ltd with the company, it added.

The Board also considered the proposal for acquisition of equity shares of Indiabulls Housing Finance LtdĀ held by certain minority investors and has authorised some persons to negotiate and finalise the terms and conditions on which the company shall acquire the equity shares of IHFL.

The board has appointed advisers and has authorised a committee to prepare and present a draft proposal and related documents for the restructuring of the company to be placed before and approved by the Board at a later date.

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