NEW DELHI: Indiabulls Financial Services on Monday received regulatory approval from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for restructuring and re-organising the company's businesses through a de-merger. Upon de-merger of the real estate business, Indiabulls Real Estate would be a separately trading public entity, wherein every shareholder, holding one share of Indiabulls Financial Services Ltd, would get one share of Indiabulls Real Estate the demerged entity, a company statement said.

Valuation

Knight Frank and Associates carried out a valuation of Jupiter Mills and Elphinstone Mills that the company acquired last year from NTC for building commercial office space.

Knight Frank & Associates has valued Indiabulls equity ownership in Jupiter and Elphinstone Mills SPVs to be worth Rs. 2,642 crore upon completion of the buildings in January 2008; equivalent to Rs. 163 per basic share of Indiabulls Financial Services.

Indiabulls' proportionate share of stabilised net rentals receipts in Jupiter and Elphinstone Mills SPVs is estimated to be Rs. 359 crore per year in calendar year 2009, equal to Rs. 22 in net rentals receipts per basic share of Indiabulls Financial Services. The company recently completed a share subscription agreement with Oberon Ltd, a special purpose vehicle wholly owned by funds managed and controlled by Farallon Capital Management LLC. UNI