Indiabulls Financial Services EGM approves raisng funds

Indiabulls Financial Services Ltd has announced that subsequent to the approval accorded by the Shareholders of the Company under Section 81(1A) and other applicable provisions of the Companies Act, 1956, at their Extraordinary General Meeting held on July 18, 2009, to the issuance of Equity shares and / or other securities by way of a Qualified Institutions Placement with Qualified Institutional Buyers (QIBs) in terms of Chapter XIII-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, as amended, up to an amount USD 200 million (United States Dollars Two Hundred million) or its Indian Rupee equivalent, the duly authorised Committee of the Board of Directors of the Company has, at its meeting held on July 20, 2009, decided to make an issuance of Equity shares face value Rs 2 each in the Company, to QIBs under the said Qualified Institutions Placement and for this purpose, to open the issue on July 20, 2009. The Committee also approved of a Preliminary Placement Document in respect of the Equity shares proposed to be issued as aforesaid.

The stock closed the day at Rs 184.05, up by Rs 3.15 or 1.74%. The stock hit an intraday high of Rs 187.25 and low of Rs 181.

The total traded quantity was 404911 as compared to 2 week average of 1252638.

Source : Equity Bulls

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