Indiabulls Financial Services to raise US$200 million

Indiabulls Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on June 24, 2009, inter alia, have passed a resolution to obtain the approval of the shareholders of the Company under Section 81(1A) of the Companies Act, 1956 to issue equity shares / fully convertible debentures / partly convertible debentures or any other securities (other than warrants) convertible into or exchangeable with the equity shares of the Company at a later date, within the meaning of Chapter XIII-A of SEBI (Disclosure and Investor Protection) Guidelines, 2000, as amended up to date, by way of a Qualified Institutions Placement for an amount up to USD 200 million or its Indian Rupee equivalent, to Qualified Institutional Buyers (QIBs).

Further, the Company has inform that it was also decided at the said Board Meeting that in order to obtain the consent of the shareholders of the Company for the aforesaid matter, an Extraordinary General Meeting of the shareholders of the Company be convened on July 18, 2009.

The stock was trading at Rs.177.30, up by Rs.8.40 or 4.97%. The stock hit an intraday high of Rs.177.30 and low of Rs.170.

The total traded quantity was 2009328 compared to 2 week average of 953675.

Source : Equity Bulls

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