IBFSL shareholders, creditors approve demerger of realty biz

By: Finance News

Indiabulls Financial Services Ltd (IBFSL) today said the demerger of its real estate business has been approved by its shareholders and unsecured creditors of the company.

The approval of the shareholders and creditors to hive off its real estate business into Indiabulls Real Estate Ltd came at a court-convened meeting held today.

The shareholders and creditors "have unanimously approved the proposed Scheme of Arrangement between itself and Indiabulls Real Estate Ltd and their respective shareholders and creditors," IBFSL informed the Bombay Stock Exchange.

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