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Indiabulls Real up 5% as board to consider restructuring of residential, commercial biz

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Indiabulls Real Estate share price gained more than 5 percent on Friday ahead of board meeting to consider demerger of residential and commercial businesses.

The company on Thursday informed exchanges that a meeting of the board of directors, is scheduled on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for reorganisation/ restructuring of the existing residential and commercial office leasing businesses, and to take appropriate decisions.

In April 2017, the company's board had considered the possibility of streamlining its existing residential, commercial and leasing businesses by segregating commercial & leasing business carried on by itself and/or through its special purpose vehicles and vesting the same into Indiabulls Commercial Assets Ltd (ICAL).

It had also considered the possibility of restructuring/reorganising its businesses by either (i) restructuring by way of placing ICAL as a separate holding company under the company to hold its assets and investments relating to commercial & leasing business segment and to undertake the business & operations of commercial & leasing business segment and/or explore opportunities to bring in strategic investments; or (ii) by reorganising its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments.