Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 25, 2010, inter alia, has considered and approved the following: The proposal to restructure the wholesale trading business of the Company was considered and approved. This proposal shall be implemented in terms of a scheme of arrangement under the provisions of Sections 391-394 of the Companies Act, 1956 ('Scheme') which will provide for the transfer by way of a demerger of the wholesale trading business of the Company as a going concern to Indiabulls Wholesale Services Ltd. ('IWSL'), currently a wholly owned subsidiary of the Company, in consideration for which IWSL will issue equity shares and global depository receipts ('GDRs') to the shareholders and GDR holders, respectively, of the Company in accordance with the Scheme, based on a share entitlement ratio approved by the Boards of Directors of both the companies. The Board of Directors of the Company also approved the share entitlement ratio of 1(One) equity share in IWSL of face value Rs. 2 each credited as fully paid-up for every 8(Eight) equity shares of Rs. 2 each held by such shareholder in the Company, on the basis of the recommendation made by an independent valuer being M/s. Doogar & Associates, Chartered Accountants, and the fairness opinion on the said recommendation given by M/s. D & A Financial Services Pvt, Ltd., Category 1 Merchant Bankers. Pursuant to the Scheme, the shares of IWSL are proposed to be listed on the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd. and the GDRs on the Luxembourg Stock Exchange. The above proposal is subject to the satisfaction of various conditions, including obtaining necessary approvals from the shareholders, creditors and regulatory authorities including those of the stock exchanges under the Listing Agreement, and sanction of the Scheme by the High Court of Delhi. Indiabulls Real Estate Ltd has informed BSE that at the Court-convened meeting of the equity shareholders of the Company, held on October 12, 2010, the shareholders have approved the Scheme of Arrangement between the Company and Indiabulls Wholesale Services Ltd. and their respective shareholders and creditors, as per the notice dated September 16, 2010. The said Scheme of Arrangement is now subject to the final approval by the Hon'ble High Court of Delhi at New Delhi. (As Per BSE Announcement Website dated on 12.10.2010) Indiabulls Real Estate Ltd has informed BSE that the Hon'ble High Court of Delhi at New Delhi has, vide order dated March 03, 2011, received on March 28, 2011, sanctioned the Scheme of Arrangement between Indiabulls Real Estate Ltd ('the Company') and Indiabulls Wholesale Services Ltd ('IWSL') and their respective shareholders and creditors. (As Per BSE Announcement Website dated on 28.03.2011) Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 08, 2011, fixed April 25, 2011, as the Record Date for ascertaining the list of Shareholders of Indiabulls Real Estate Ltd. (the 'Company' or 'IBREL') who would be entitled to be allotted shares in Indiabulls Wholesale Services Ltd. (the 'Resulting Company' or 'IBWSL') in terms of the Scheme of Arrangement for the demerger of the wholesale trading business of the Company to IBWSL, approved by the Hon'ble High Court of Delhi, New Delhi, vide its order dated March 03, 2011 (cheme'). Further the Company has informed that, certified copy of the Court order received by the Company on March 28, 2011, has been duly filed with the Registrar of Companies, NCT of Delhi & Haryana on March 31, 2011. Accordingly, March 31, 2011 is the 'Effective Date' for the Scheme as aforesaid. Through the Scheme of Arrangement the business, undertaking, activities and operations pertaining to wholesale trading business of Indiabulls Real Estate Ltd. 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/- (Rupees Two Only) each credited as fully paid-up for every 8 (Eight) equity shares of face value Rs. 2/- (Rupees Two Only) each fully paid up held by the members IBREL as on April 25, 2011, being the record date fixed for the purpose. (As Per BSE Announcement Website dated on 08.04.2011) SUB. :- Scheme of Arrangement of Indiabulls Real Estate Ltd. (Scrip Code 532832) Trading Members of the Exchange are hereby informed that, Indiabulls Real Estate Ltd. has fixed the Record Date for the purpose of determining entitlement to the shareholders of the Company pursuant to the Scheme of Arrangement of the Company. COMPANY NAME CODE Indiabulls Real Estate Ltd. (532832 & 632832) RECORD DATE 25.04.2011 PURPOSE Scheme of Arrangement: - Demerger and vesting of the Wholesale Trading Business of Indiabulls Real Estate Ltd. into Indiabulls Wholesale Services Ltd. In consideration of the transfer and vesting of the Wholesale Trading Business of Indiabulls Real Estate Ltd. into Indiabulls Wholesale Services Ltd.; Indiabulls Wholesale Services Ltd. shall issue and allot to the shareholders of Indiabulls Real Estate Ltd., in the ratio of 1 (ONE) equity share of Rs.2/- each fully paid up of Indiabulls Wholesale Services Ltd. for every 8 (Eight) equity shares of Rs.2/- each fully paid up held in Indiabulls Real Estate Ltd. EX-ENTITLEMENT FROM DATE & SETT. NO. 21/04/2011 DR-015/2011- 2012 Trading Members of the Exchange are requested to take note of it. (As Per BSE Notice Dated on 13.04.2011)