Indiabulls is happy to announce the reverse merger of Indiabulls Financial Services Limited (IBFSL) with Indiabulls Housing Finance Limited (IHFL). This is registered as Housing Finance Company (HFC) and is regulated by the National Housing Bank (NHB).

The share swap ratio among the stake holders in the two companies has been fixed at 1:1

Announcing the reverse merger, Mr Gagan Banga, CEO of IHFL said: "The Union Finance Minister's budgetary proposal to allow additional tax deductions for the first time home buyers has given a new impetus to the real estate sector and we see this as a great opportunity for home loan companies to contribute to the nation's growth."

The amalgamation will enable efficient utilization of the company's capital, consolidating it into the Housing Finance Company where most of the incremental mortgages business was being booked. This amalgamation underlines the company's long term commitment to the mortgage finance business.

Going forward IHFL will be planning to offer a wider range of innovative products on Housing Finance, especially for the affordable segment below Rs. 25lakhs.

Indiabulls is the second largest Housing Finance Company on profitability and third largest mortgage player in the industry. It has so far assisted nearly one Lakh customers to own a home of their own. As a young new generation housing finance company, it has made rapid strikes in a short span.

For the 9M ending December 31, 2012 the company's assets under management (AUM) stood at Rs. 32,551 Crs, up from Rs. 27,521 Crs as on March 31 2012. For the same 9M period the company clocked a PAT of Rs. 898 Crs. The PAT for the entire FY 2012 was Rs. 1,006 Crs.

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