Indiabulls offers 1:6 swap for UWB shareholders

Indiabulls Financial Services has proposed to offer one share of the company for every six shares of United Western Bank (UWB) post the de-merger of its real estate business.

According to a release issued by Indiabulls to the BSE today, the proposal is subject to the approval of RBI and other requisite regulatory and statutory approvals.

"The offer is based on 53.77 million shares of United Western Bank as per its June 30, 2006 filings with the exchanges, and will result in the issuance of approximately 9 million additional company's shares in exchange for United Western Bank shares. The company currently has 161.4 million shares outstanding," the release added.