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Indiabulls calls for extraordinary meeting to seek OK for asset divestment

Indiabulls Real Estate Ltd.'s board is convening an extraordinary general meeting March 23 so shareholders can vote on resolutions such as the proposed divestment of interests in at least three of its subsidiaries.

The resolutions include the shedding of stakes in the company's Mumbai-based Indiabulls Properties Private Ltd. and Indiabulls Real Estate Co. Pvt. Ltd. units and a planned exit from investments in Chennai, India.

The company's departure from the Chennai market would be made through the sale of an up to 100% stake in its India Land and Properties Ltd. subsidiary or through the disposal of the 1.94 million-square-foot commercial complex that India Land holds.

As of Feb. 26, US$1 was equivalent to 64.83 Indian rupees.