Indiabulls to issue over 2 cr shares to ICSL

MUMBAI: Domestic brokerage major Indiabulls Financial Services on Wednesday said it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring.
    
The company has received Delhi High Court's approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) and the demerger of Indiabulls Securities (ISL).
    
The board of directors of Indiabulls Financial at its meeting on December 24, approved the allotment of equity shares, pursuant to the merger of ICSL with itself, Indiabulls Financial said in a filing to the Bombay Stock Exchange.
    
Consequent to the issue and allotment of the aforesaid shares the paid-up equity capital of the company increased to Rs 50.68 crore from Rs 45.54 crore.
    
Earlier on February 15, Indiabulls Financial had received board of directors' approval for allotment of three shares of the company for every 10 equity shares held in ICSL.
    
Shares of the company were trading at Rs 959, up 4.46 per cent on the BSE in morning trade.