Description

NSE revises lock-in details for Indiabulls Limited equity shares issued pursuant to Scheme of Arrangement, with 132.3 million shares locked-in until April 15, 2027.

Summary

NSE has issued a modification to the lock-in details for equity shares of Indiabulls Limited that were listed pursuant to a Scheme of Arrangement. This circular revises the lock-in details previously communicated in NSE Circular Ref. No. NSE/CML/71992 dated December 24, 2025. The modification specifies that 132,300,000 equity shares (distinctive numbers 816569214 to 948869213) are subject to lock-in until April 15, 2027.

Key Points

  • Total securities allotted: 2,223,939,879 equity shares of Rs. 2/- each
  • Date of allotment: November 4, 2025
  • Securities issued pursuant to Scheme of Arrangement
  • ISIN: INE126M01010 (currently temporary ISIN pending activation)
  • Symbol: IBULLSLTD
  • Face value and issue price: Rs. 2 per share
  • Distinctive number range: 100442260 to 2324382138
  • Market lot: 1
  • Pari passu: Yes
  • Lock-in applies to specific block of 132.3 million shares

Regulatory Changes

This circular modifies the lock-in details from the previous circular (NSE/CML/71992) dated December 24, 2025. All other terms and conditions of the original listing circular remain unchanged. The modification provides specific lock-in details for a subset of the total allotted shares.

Compliance Requirements

  • Members must note the revised lock-in details for Indiabulls Limited equity shares
  • The locked-in securities (distinctive numbers 816569214 to 948869213) cannot be traded until the lock-in expiry date
  • Securities have been credited in dematerialized mode under temporary ISIN in accordance with SEBI circulars CIR/MRD/DP/21/2012 dated August 2, 2012 and CIR/MRD/DP/24/2012 dated September 11, 2012
  • Permanent ISIN activation will follow prescribed procedures for additional issue of securities

Important Dates

  • Circular date: December 24, 2025
  • Date of allotment: November 4, 2025
  • Lock-in expiry date: April 15, 2027
  • Previous circular reference: NSE/CML/71992 dated December 24, 2025

Impact Assessment

Market Impact: Medium - The lock-in affects approximately 5.95% of total allotted shares (132.3 million out of 2,223.9 million shares), restricting their tradability until April 2027. This reduces the floating stock available for trading in the near term.

Operational Impact: Low to Medium - Trading members and investors holding the specific distinctive number range (816569214 to 948869213) need to be aware that these shares cannot be sold until the lock-in period expires. The majority of allotted shares (approximately 2,091.6 million) remain unaffected by this lock-in restriction.

Compliance Impact: Low - This is an informational circular requiring no action beyond updating internal records regarding lock-in restrictions for the specified share block.

Impact Justification

Technical modification to lock-in details affecting specific shareholding block of 132.3 million shares with defined expiry date; impacts tradability of subset of issued shares