Indiabulls Financial Services most active, shares up 9%

Indiabulls Financial Services shares were most active on Friday, rising more than 9 percent intraday amid large volumes. Indiabulls Financial (IBFSL) will be merged with Indiabulls Housing Finance (IHFL).

The board of directors of IBFSL fixed March 20, 2013 as the record date for determining the list of the equity shareholders of IBFSL who will be entitled to be allotted equity shares in the ratio of one share of face value Rs 2 each in IHFL for every one equity share of face value Rs 2 each held by such shareholder in IBFSL.

The Bombay Stock Exchange has decided to exclude Indiabulls Financial from S&P BSE 100, BSE 200, BSE 500, BSE Midcap and BSE Carbonex Index with effect from March 19, 2013.

At 13:53 hours IST, shares gained 7.4 percent to Rs 271 on Bombay Stock Exchange.

Trading volumes increased 119 percent to 11,44,299 shares as against five-day average of 5,23,334 shares.