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Mumbai, Feb. 28

Indiabulls Real Estate Ltd has informed the BSE that the board of directors has approved the proposed investment and/or purchase of up to 100 per cent of the ordinary shares in Dev Property Development Plc (DPD shares), an Isle of Man registered company listed on the London Stock Exchange’s AIM, by issuance of new ordinary shares of the company represented by global depository receipts listed on the Luxembourg Stock Exchange. The issuance would be equated to an offer that values the existing ordinary share capital of DPD at approximately £138 million and each DPD share at 100 pence based on the IBREL closing price of Rs 654.40 per share on February 27 and currency exchange rate of £1 to Rs 79.12.

— Our Bureau

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