IVR Prime Urban Developers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, have accorded in-principle consent to pursue, subject to acceptance of a fair share swap ratio and other commercial matters relating thereto by the Board; receipt of approvals from requisite statutory and regulatory authorities, the shareholders of the Company, the High Courts of Judicature Andhra Pradesh, the proposal for amalgamation of IVR Strategic Resources & Services Ltd. and IVRCL Water Infrastructures Ltd. with the Company.

The Board intends to meet again to consider the terms of the proposed amalgamation including the share swap ratio after receipt of the valuation report, the fairness opinion and the draft Scheme of Amalgamation and any other matter as required. Necessary approvals have been accorded, appointing independent valuers to determine the Share Swap ratio, Merchant Bankers for the purpose of giving fairness opinion, legal advisors etc.

This is continuation to the intimation given along with unaudited financial results and press note given by IVRCL Infrastructures & Projects Ltd.