Indiabulls surges on demerger move

DALAL STREET SPIKES

Indiabulls Financial Services rose 9.41 per cent to close at Rs 590.3 on volumes of 57 lakh shares after the company set January 9, 2007 as the record date for its demerged real estate business "� Indiabulls Real Estate Ltd (IREL) as a result of its restructuring scheme.

Each shareholder of Indiabulls Financial Services would be entitled to one share in IREL.

Recently, Indiabulls Financial Services had acquired a 100 per cent stake in Noble Realtors thus marking its presence in the real estate construction and development space.

According to Knight Frank, the estimated value of the share of the Indiabulls' real estate projects is around Rs 15,125 crore.