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IndiaBulls + Hazoor Multi Projects Fund Raising

September 26, 2007

The board of Indiabulls Real Estate has decided to issue up to 4,30,00,000 fully convertible warrants to the promoters and directors of the company on preferential basis for a sum of Rs 2,322 crore, which upon conversion would entitle them to acquire 4,30,00,000 equity shares of face value Rs 2 each at a conversion price of Rs 540 per equity share of the company for preferential issues.

The members of Hazoor Multi Projects have decided to increase the authorised share capital from Rs 10,00,00,000 to Rs 20,00,00,000.

The members have accorded their consent to the issue of 85,00,000 share warrants on preferential allotment basis, carrying an entitlement to subscribe to an equivalent number of equity shares of Rs 4 each, at a price of Rs 16 to promoter & its affiliates and non-promoter.

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