Indiabulls Real Estate Ltd has announced today that the Board of Directors of the Company at its meeting held on December 08, 2007, has took note of the fact that the Company’s wholly-owned subsidiary, Indiabulls Wholesale Services Ltd (IWSL), is proposing to make an open offer under the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 for Piramyd Retail Ltd, a retail Company, wherein the Company shall participate as a “person acting in concert”.

IWSL is proposing to acquire 63.92% of the equity share capital of Piramyd Retail Ltd from the existing promoters pursuant to which IWSL shall make an Open Offer to the public shareholders of Piramyd Retail Ltd to acquire up to 20% of the fully diluted voting capital of the Target Company at an offer price of Rs 74.73 per share / stock option. A public announcement to this effect with all the relevant details is being released by the merchant bankers appointed by IWSL under the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997