Realty biz demerger: Indiabulls seeks Del HC nod

Indiabulls Financial Services is seeking Delhi High Court's approval for the demerger of its real estate business into Indiabulls Real Estate (IBREL).

The company has filed an application with the court seeking its approval to demerge the real estate business into IBREL, which would be a separately traded public company once the demerger is completed.

The company is also seeking Delhi High Court's directions to convene and hold meetings of the equity shareholders and unsecured creditors of the company for this, it said.

Upon demerger of the realty business, every shareholder holding one share of the company would get one share of IBREL, it added.

Indiabulls shares closed down 0.25% at Rs 243.45 at the BSE today.