Acquisition approval

RNS Number:9245T
DEV Property Development PLC
07 May 2008


Not for release, publication or distribution, in whole or in part, in, into or
from any jurisdiction where to do so would constitute a violation of the
relevant laws or regulations of such jurisdiction.



7 May 2008

                          DEV PROPERTY DEVELOPMENT PLC


                            Recommended acquisition

                                       of

                      Dev Property Development PLC ("DPD")

                                       by

                    Indiabulls Real Estate Limited ("IBREL")





            Court sanctions Scheme and confirms Reduction of Capital


The board of DPD is pleased to announce that at hearings held before the High
Court of Justice of the Isle of Man on 7 May 2008, the Court sanctioned the
scheme of arrangement to implement the recommended offer by IBREL for DPD (the
"Scheme") at the Scheme Court Hearing and approved the Reduction of Capital at
the Reduction Court Hearing.


The Scheme is expected to become effective on 8 May 2008 following the delivery
of the Scheme Court Order and the Reduction Court Order to the Isle of Man
Registrar of Companies and the registration by the Isle of Man Registrar of
Companies of the Reduction Court Order. It is expected that cancellation of
listing of DPD Shares will take place at 7.00 am on 8 May 2008.


On the basis of the timetable set out in the Scheme circular posted to DPD
Shareholders on 25 March 2008 (the "Scheme Document") and in consideration for
the cancellation of their DPD Shares, shareholders on DPD's share register at
6.00 pm 7 May 2008 will receive 0.12091 New IBREL GDRs for each DPD Share held.
Fractional entitlements to New IBREL GDRs will be aggregated and sold in the
market and the net proceeds of sale distributed pro rata to the persons entitled
thereto. New IBREL GDRs will be issued no later than 14 days after the Effective
Date.


Unless the context otherwise requires, capitalized terms used, but not defined
in this announcement have the meaning given to them in the Scheme Document.



Enquiries:

Dev Property Development plc
Rishi Khosla / Richard Melhuish
Top Floor
14 Athol Street
Douglas
Isle of Man IM1 1JA


Numis Securities
Michael Meade / Nick Westlake
The London Stock Exchange Building
10 Paternoster Square
London EC4M 7LT
[phone]


M:Communications
Edward Orlebar / Charlotte McMullen
[e-mail] / [e-mail]
[phone] / [phone]


The directors of DPD accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the directors of DPD
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

Numis Securities Limited, which is authorised and regulated in the UK by the
FSA, is acting exclusively for DPD as the independent financial adviser to DPD
for the purposes of providing independent advice to the directors of DPD on the
Acquisition under Rule 3 of the City Code and no-one else in connection with the
Acquisition and will not be responsible to anyone other than DPD for providing
the protections afforded to clients of Numis Securities Limited nor for
providing advice in relation to the Acquisition or any other matters referred to
in this announcement.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
ACQARMFTMMAMBRP