Indiabulls Financial Services Ltd. board approves demerger scheme
New Delhi, May 1 (UNI) The Board of Directors of Indiabulls Financial Services Ltd (IBFSL) today approved the restructuring and re-organisation of the Company's businesses.
The approval came after consideration of all relevant issues including statutory and legal requirements, through a de-merger scheme.
JM Morgan Stanley and M/s Amarchand Mangaldas and Suresh A Shroff&Co advised the Board on the scheme of De-merger.
In accordance with the principles of fairness, protection of minority shareholders' interest, full disclosure and the objective of unlocking value for all shareholders, the Board of Directors, after extensive deliberations and discussions, have approved the Scheme of De-merger, said a Indiabulls release.
The Scheme of De-merger as approved by the Board is subject to approvals of the Stock Exchanges, Delhi High Court and Shareholders' approvals, the release added.
The Scheme proposes to de-merge assets and liabilities of the Real Estate Undertakings of IBFSL into Indiabulls Real Estate Limited, as a going concern, the release pointed out.
UNI ARB RA RN2020