Indiabulls Real Estate Announces Amalgamation Approval
Indiabulls Real Estate has recently announced that the High Court of Delhi has sanctioned the scheme of amalgamation of Indiabulls Power Services (IPSL) with Sophia Power. Both IPSL and Sophia Power are subsidiaries of Indiabulls Real Estate.
Details of the Amalgamation
Post-amalgamation, the company will be allotted equity shares in Sophia on the basis of the share exchange ratio specified in the approved scheme. This allotment will be in consideration of its existing equity holding in IPSL. Following the allotment, the shareholding structure of Sophia will be as follows:
- Indiabulls Real Estate will hold 71.43%
- FIM will hold 17.86%
- LNM India Internet Ventures will hold 10.71%
Background Information
It is worth noting that Indiabulls Real Estate, engaged primarily in the business of real estate, was separated from Indiabulls Financial Services on December 21, 2006, following the de-merger of the company. This separation marked a significant milestone in the company's history.