Indiabulls Real Estate gets HC nod to merge subsidiaries

Indiabulls Real Estate announced that the High Court of Delhi has sanctioned the scheme of amalgamation of Indiabulls Power Services (IPSL) with Sophia Power.

Both IPSL and Sophia Power are subsidiaries of the company. The company further said that it would be allotted equity shares in Sophia on the basis of share exchange ratio as per the approved scheme and in consideration of its existing equity holding in IPSL. Post such allotment, the company would hold 71.43%, FIM would hold 17.86% and LNM India Internet Ventures would hold 10.71% of the equity of Sophia.

Indiabulls Real Estate, engaged in the business of real estate, was separated from Indiabulls Financial Services on Dec. 21, 2006 following the de-merger of the company.