** Shares of Indiabulls Real Estate Ltd soar as much as 42.7 pct to highest since November 2010

** Company says board considering streamlining of existing residential, commercial, and leasing businesses (http://bit.ly/2ohqPAz)

** Says to either consider placing Indiabulls Commercial Assets Ltd as a separate holding company for commercial and leasing business segment, or reorganizing existing businesses via demerger

** Adds no scheme of arrangement or proposal currently pending before board for approval

** More than 170 mln shares traded, nearly 18 times their 30-day moving avg

** Stock had risen about 49 pct this year up to Thursday's close