Description

Listing and trading approval for 2,223,939,879 equity shares of Indiabulls Limited issued pursuant to scheme of arrangement, effective December 26, 2025.

Summary

BSE has approved the listing and trading of 2,223,939,879 equity shares of Rs. 2/- each of Indiabulls Limited (Scrip Code: 533520). These shares are issued pursuant to a Scheme of Arrangement involving 19 entities including Dhani Services Limited, Indiabulls Enterprises Limited, and 17 other group companies. The shares will be available for trading from December 26, 2025, and rank pari-passu with existing equity shares.

Key Points

  • 2,223,939,879 new equity shares of Rs. 2/- each listed
  • Shares issued under Scheme of Arrangement under sections 230-232 of Companies Act, 2013
  • Trading commences on December 26, 2025
  • ISIN: INE126M01010
  • Distinctive Numbers: 100442260 to 2324382138
  • Date of Allotment: November 4, 2025
  • Shares rank pari-passu with existing equity shares
  • Lock-in applied on 132,300,000 shares

Regulatory Changes

No regulatory changes. This is a listing approval following completion of corporate restructuring.

Compliance Requirements

  • Market participants must note the new securities for trading purposes
  • Lock-in restrictions must be observed for 132,300,000 shares (Distinctive Numbers 816569214 to 948869213) until April 15, 2027
  • Trading systems to be updated to reflect new share capital

Important Dates

  • Notice Date: December 24, 2025
  • Allotment Date: November 4, 2025
  • Trading Commencement: December 26, 2025 (Friday)
  • Lock-in Expiry: April 15, 2027 (for specified shares)

Impact Assessment

Market Impact: High - The listing of over 2.2 billion shares represents a substantial increase in outstanding equity, significantly expanding the company’s listed capital base. This follows a complex scheme of arrangement involving 19 entities.

Operational Impact: Medium - Market participants need to update trading systems and processes. The lock-in on 132.3 million shares (approximately 5.9% of new issue) will impact available float.

Corporate Action: The scheme involves consolidation of multiple group entities including insurance, real estate, technology, and consumer businesses into Indiabulls Limited, representing a major corporate restructuring of the Indiabulls group.

Liquidity Considerations: The significant expansion of share capital may impact liquidity, trading patterns, and share price dynamics. Market participants should note the substantial dilution effect on existing shareholders.

Impact Justification

Significant listing of over 2.2 billion equity shares involving major corporate restructuring through scheme of arrangement affecting multiple entities under Indiabulls group with material lock-in provisions