Indiabulls Financial to raise US$ 1 Billion through overseas issue

Indiabulls Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on January 05, 2008, has decided to convene an Extra Ordinary General Meeting of the Shareholders to be held on February 01, 2008, for the purpose of obtaining the approval of shareholders in the following matters.

To further issue of shares by International Offerings through a public issue of convertible securities / ADRs / GDRs and FCCBs convertible into Equity Shares of the Company upto US$ 1 billion.

For borrowing monies, which together with monies already borrowed (apart from temporary loans obtained from the Company's bankers in the ordinary course of business), in excess of the paid up capital of the Company and its free reserves.

The stock was trading at Rs.873, down by Rs.25.80 or 2.87%. The stock hit an intraday high of Rs.910 and low of Rs.858.

The total traded quantity was 374924 compared to 2 week average of 982722.

Source : Equity Bulls

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