Indiabulls Real Estate is quoting ex-scheme of arrangement today. The company has sanctioned the scheme of arrangement between Indiabulls Real Estate and Indiabulls Wholesale Services Ltd (IWSL) and their respective shareholders and creditors.
The record date has been fixed at April 25, 2011. Through the scheme of arrangement the business, undertaking, activities and operations pertaining to wholesale trading business of Indiabulls Real Estate have got demerged to and vested in Indiabulls Wholesale Services Ltd.
In consideration for the demerger, IBWSL will issue and allot its 1 (one) equity share of face value Rs 2 each for every 8 equity shares of face value Rs 2 each fully paid up held by the members IBREL as on April 25, 2011.
At 10:16 hours the share was quoting at Rs 142.45, down Rs 7.30, or 4.87%, with volumes of 552,640 shares.
Market capitalisation stands at Rs 5,730.49 crore. The stock rallied 35% in a month.
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