Construction firm Indiabulls Real Estate today said it will conduct postal ballot to seek shareholders' nod for making inter-corporate investment, provide inter-corporate loans and guarantees to its subsidiary - Indiabulls Power.
The board of directors took a decision to this effect at its meeting held on Tuesday, Indiabulls Real Estate said in a filing with the Bombay Stock Exchange.
The board decided to obtain the approval of the shareholders through a postal ballot for amending rules to provide inter-corporate loans, inter-corporate guarantees and making inter-corporate investments in its majority-owned subsidiary, it said.
The Board has appointed Sanjay Khandelwal, practising company secretary as scrutiniser for conducting the ballot in a fair and transparent manner, it said.
Duly completed postal ballot forms should reach the scrutiniser by October 4, it said, adding results would be declared the next day.
Besides, the register of shareholders and share transfer books of the company would remain closed from September 24 to September 30 to hold annual general meeting on September 30, it said.
Shares of the company closed at Rs 259.40, down 5.36 per cent from the previous close on the BSE.
