Indiabulls in for major restructuring plan

New Delhi, Feb 5 (UNI) Indiabulls Financial Services Ltd today said it is mulling a major restructuring plan, which includes amalgamation of the entire business and undertaking of Indiabulls Credit Services Ltd with the company.

The company's Board of Directors have accorded their approval to the scheme.

Additionally, the company will consider the demerger of Indiabulls Securities Ltd and list the entity.

In a separate transcation, the board noted the proposal for acquisition of equity shares of Indiabulls Housing Finance Ltd held by certain minority investors. It authorised certain persons to finalise the terms and conditions of the acquisition.

''The company expects that the restructuring initiatives would unlock significant value and also streamline its operations and ownership structure,'' an Indiabulls Financial Services' note said.

The board has appointed certain advisors and has authorised a committee to prepare and present a draft proposal and related documents for the restructuring of the company to be placed before and approved by the board at a later date, it added.

The board will make its final decision in due course regarding the restructuring exercise upon receiving the recommendations of the authorised committee and obtaining the required professional advice.

UNI