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Indiabulls gets Isle of Man court nod for DPD acquisition

Indiabulls gets Isle of Man court nod for DPD acquisition
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First Published: Thu, May 08 2008. 03 27 PM IST
Updated: Thu, May 08 2008. 03 27 PM IST
PTI
Mumbai: Indiabulls Real Estate said on 8 May it has got approval from the High Court of Isle of Man for acquisition of Dev Property Development Plc, a UK listed realty firm.
Earlier, on 31 March, the company had informed about receiving shareholders’ approval for the acquisition of DPD, an Isle of Man registered company listed on the London Stock Exchange’s AIM, by issuance of ordinary shares of the company, for 138 million pounds.
The equity shares are represented by Global Depository Receipts (GDRs) listed on the Luxembourg Stock Exchange’s Euro MTF market equal to an offer that values the existing ordinary share capital of DPD at around £138 million.
Further, the shareholders of the company, through postal ballot, have approved the proposal wherein the company would allot securities in the domestic and international markets worth £150 million to the shareholders of Dev Property Development Plc (DPD).
Meanwhile, the board of DPD, said that the High Court of Isle of Man, on 7 May, sanctioned the merger of Indiabulls Real Estate with the company, the real estate arm of Indiabulls group said in a filing to the Bombay Stock Exchange.
The merger is expected to become effective on 8 May and the settlement of all consideration would happen within 14 days. As per the share swap ratio the shareholders of DPD would receive 0.12091 new India Bulls Real Estate GDRs for each DPD shares.
Shares of Indiabulls Real Estate were trading at Rs529.50, down 2.05% on BSE in afternoon trade.
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First Published: Thu, May 08 2008. 03 27 PM IST