The Hindu Business Line : Indiabulls Real Estate allots shares to Oberon

Mumbai, July 23 Indiabulls Real Estate Ltd has allotted 1.15 crore equity shares of face value Rs 2 each, to Oberon Ltd at a conversion price of Rs 138 per equity share.

With this, the paid-up equity capital of Indiabulls Real Estate stands increased from the previous Rs 43.68 crore to Rs 45.98 crore.

Indiabulls Real Estate Ltd told the BSE that the company had received notice from Oberon Ltd exercising its option to convert the 1.15 crore cumulative, redeemable, convertible preference shares of face value of Rs 138 each issued by the company to Oberon Ltd, into as many equity shares of face value Rs 2 each.

The preference shares were issued pursuant to the share subscription agreement on June 18, 2006 and in terms of the scheme of arrangement between Indiabulls Financial Services Ltd and the company and their respective shareholders and creditors (the scheme), approved by the High Court of Delhi.

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