1. The consolidated and standalone financial results of Indiabulls Real Estate Ltd (IBREL, or the Company) for the year ended March 31, 2009 have been reviewed by the Audit Committee and approved by the Board of Directors (the Board) at its meeting held on June 05, 2009. Both the consolidated and standalone financial results have been submitted to the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE), where the Equity Shares of the Company are listed.

2. Subsequent to the year end, the Board of Directors of the Company has, at its meeting held on May 22, 2009, issued and allotted 14,35,94,593 fully paidup Equity Shares, at a price of Rs 185 per Equity Share (including a premium of Rs 183 per Equity Share), aggregating to Rs 2656,49,99,705 (Rupees Two Thousand Six Hundred Fifty Six Crore Forty Nine Lac Ninety Nine Thousand Seven Hundred and Five only) to certain QIBs (Qualified Institutional Buyers) under Qualified Institutions Placement in terms of Chapter XIII-A of SEBI Guidelines. Consequent to the issue and allotment of the Equity Shares as aforesaid, the Paid-up Equity Share Capital of the Company stands increased from the present Rs 51,50,41,292/- divided into 25,75,20,646 Equity shares of face value of Rs 2/- each, to Rs 80,22,30,478/- divided into 40,11,15,239 Equity Shares of face value of Rs 2/- each.

3. The Company had allotted 1,50,00,000 warrants on August 09, 2007 and 4,30,00,000 warrants on November 05, 2007 to the Promoters / Managing Directors of the Company on a preferential basis which were convertible into equity shares. Promoters / Managing Directors did not exercise their right to convert the warrants allotted to them. Accordingly, an amount of Rs 45 crores and Rs 232 crores, representing the initial amounts paid on allotment of such warrants
have been forfeited and credited to Capital Reserve.

4. During the previous quarter the Shareholders of the Company, have approved the cancellation and withdrawal of the then existing Employee Stock Option Scheme 2008, covering 15,00,000 stock options and approved a new Employee Stock Option Scheme titled Indiabulls Real Estate Ltd Employees Stock Option Scheme - 2008 (II) for grant of 20,00,000 stock options convertible into equal number of Equity Shares of face value Rs 2/- each of the Company, to the employees of the Company and its subsidiaries. The Company has, on January 30, 2009 granted these options at a price of Rs 110.50 to eligible employees.

5. The Company´s primary business segment is reflected based on principal business activities carried on by the Company. The Company operates in one reportable business segment i.e. Real Estate Projects Advisory, Construction and Development of Real Estate Projects and in one geographical segment i.e., within India.

6. Figures for the prior year have been regrouped and / or reclassified wherever considered necessary.

Vipul Bansal
Joint Managing Director