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SORIL Infra Resources Ltd. Company History and Annual Growth Details

2005 - Piramyd Retail Ltd, a part of Pirmal Group was incorporated.

- The company executed a business transfer agreement and acquired lifestyle retail business of Piramyd Retail and Merchandising Pvt Ltd and food retail business of Crossroads Shoppertainment Pvt Ltd.

- The company entered the capital market with its IPO of nine million equity shares of Rs 10 each for cash with a price band of Rs 120 to Rs 140 per equity share during November.

2006 - The company had planned to open 13 additional TruMart stores during the year.

- After management restructuring, company may separate lifestyle retailing and food, home and personal care (FHPC) retail into two independent business units, Piramyd Megastore and TruMart with its own business heads.

2007 - The company had planned to open 24 additional TruMart stores during the year.

- The company received an open offer from Indiabulls Wholesale Services Limited along with Indiabulls Real Estate Limited to acquire up to 40,32,750 fully paid-up equity shares representing 20% of post acquisition capital of Piramyd Retail Limited at a price of Rs.74.73 per fully paid-up shares.

- Indiabulls Wholesale Services, had acquired 63.92% stake in the company.

2008 - The company is planning to have 17 megastores and 69 TruMart store by the end of this fiscal.

- Board of the company had accepted the resignations of Urvi Piramal, Nandan Piramal, Jaydev Mody, Harshvardhan Piramal, Rajeev Piramal, Mahesh Gupta, Homi Aibara, Berjis Desai and Ranjan Pant as directors.

- Sameer Gehlaut, Rajiv Rattan, Tarun Tyagi, Ikroop Singh Kehal, Udesh Jha, Aishwarya Katoch, Shamsher Singh, Karan Singh, Prem Prakash Mirdha and Savita Singh were appointed as directors of the company.

- Board of directors of the company at its meeting held on 11th April 2008, had decided to obtain the approval of the members of the company to change its name from 'Piramyd Retail Ltd' to 'Indiabulls Retail Services Ltd'.

- They had also decided to shift the registered office of the company from Maharashtra to Delhi as well as to enhance the borrowing limits.

- The company had drawn up an expansion plan to expand its presence in western and northern India.

-Indiabulls Retail Services Ltd has informed that pursuant to the approval of Company Law Board, Western Region Bench, Mumbai vide its order dated July 02, 2008 approving the shifting of the Registered Office of the Company from the Stare of Maharashtra to NCT of Delhi under Section 17 of the Companies Act, 1956, the Board of Directors have approved shifting of Registered office of the Company from 'Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013' to 'E-29, First Floor, Connaught
Place, New Delhi - 110 001' with effect from July 11, 2008.


-Company name has been changed from Piramyd Retail Ltd to Indiabulls Retail Services Ltd.