News Details

( 31 Jan 2019)
Indiabulls Ventures - Slump Sale Of Stock Broking Undertaking Of Indiabulls Ventures Limited.

In furtherance to the Board Meeting outcome dated January 14, 2019, we wish to inform that the Restructuring Committee has considered and approved the sale and transfer of Stock Broking Business of the Company to Indiabulls Commodities Limited ('ICL'), a wholly owned subsidiary Company, by way of a Slump Sale, on a going concern basis through a Business Transfer Agreement for a lumpsum cash consideration of INR 342 Crores (Rupees Three Hundred and Forty Two Crores Only) arrived at basis a valuation report issued by an Independent Chartered Accountant, on terms as may be agreed between parties, subject to applicable approvals from statutory and / or regulatory authorities, if any, and from the shareholders of the Company.