Indiabulls Real Estate, India’s fourth-biggest developer, said it plans to spin off its wholesale trading business.

Shareholders of the property company will receive one share of Indiabulls Wholesale Services. for every eight that they hold, the New Delhi-based developer said in a statement to the Bombay Stock Exchange today following a board meeting yesterday. The proposal is subject to legal and regulatory approvals.

The Indiabulls group includes a power unit, a financial services provider and a retail securities brokerage firm, as well as a property investment trust that’s listed in Singapore. The companies listed in India have a combined market value of about $3.5bn.