Indiabulls Limited has announced its entry into a joint venture for a premium commercial development project in Sector 103, Gurgaon, with the project carrying a gross development value of ₹600 crores.

Joint Venture Details

The company has entered into a joint venture with a private land-owning entity for the development of a commercial project on approximately 2.38 acres along the Dwarka Expressway. The strategic location positions the project to benefit from strong demand dynamics in the corridor.

Project Components

The proposed development is envisioned to comprise multiple commercial facilities including modern office spaces, retail outlets, food and beverage facilities, and service apartments. The company believes this project represents a significant addition to its real estate portfolio.

Residential Portfolio Performance

The company's existing residential projects in Gurgaon continue to demonstrate strong market performance. IB Heights and IB Estate & Club, both located in Sector 104, are witnessing healthy sales momentum according to the latest business update.

The company expressed satisfaction with the progress made across its real estate portfolio and indicated plans to share further updates in upcoming earnings communications. The combination of new commercial ventures and robust residential sales reflects the company's diversified approach to real estate development across different market segments.

Indiabulls Limited has successfully completed the distribution of fractional shares payment to eligible shareholders, as confirmed by reports from the company's Independent Directors and Audit Committee dated March 16, 2026. The payment relates to the implementation of a comprehensive scheme of arrangement that became effective on October 14, 2025.

Scheme of Arrangement Background

The National Company Law Tribunal (NCLT), Chandigarh Bench, approved the scheme of arrangement on August 29, 2025, involving multiple entities including Dhani Services Limited, Indiabulls Enterprises Limited, and 15 other amalgamating companies, along with India Land Hotels Mumbai Private Limited as the demerged company. The scheme involved Yaari Digital Integrated Services Limited, now known as Indiabulls Limited, as the resulting company.

The company fixed Tuesday, October 28, 2025, as the record date for determining eligible shareholders across the participating entities. Different share exchange ratios were established for each company:

Share Allotment and Listing

On November 4, 2025, Indiabulls Limited issued and allotted an aggregate of 222,39,39,879 fully paid-up equity shares with a face value of Rs. 2 each. The distribution included 192,43,01,572 equity shares to Dhani Services Limited shareholders, 21,81,70,697 equity shares to Indiabulls Enterprises Limited shareholders, and 8,14,67,610 equity shares to India Land Hotels Mumbai shareholders.

These newly issued shares were admitted for listing and trading on NSE and BSE with effect from December 26, 2025, completing the listing process for the reorganized entity.

Fractional Shares Treatment

As per SEBI Master Circular requirements and the scheme provisions, fractional entitlements arising from the share exchange ratios were consolidated into 89,950 fully paid-up equity shares. Mitcon Credentia Trusteeship Services Limited was appointed as trustee to hold these consolidated fractional shares for the benefit of eligible shareholders.

The consolidated fractional shares were sold in the secondary market on January 20, 2026, within the mandated 90-day period from the allotment date. The sale proceeds were transferred to a designated bank account with HDFC Bank Limited for distribution purposes.

Payment Completion

The distribution of net sale proceeds was completed on March 10, 2026, with eligible shareholders receiving their proportionate share of the fractional entitlements:

Both the Independent Directors and Audit Committee have certified compliance with SEBI circular requirements and confirmed that all eligible shareholders have been appropriately compensated for their fractional entitlements. The reports were submitted within the required seven-day timeframe following the completion of shareholder compensation, ensuring full regulatory compliance throughout the process.