Indiabulls gets shareholders’ nod to raise Rs4,000 cr

Indiabulls gets shareholders’ nod to raise Rs4,000 cr
PTI
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First Published: Fri, Mar 07 2008. 02 31 PM IST
Updated: Fri, Mar 07 2008. 02 31 PM IST
Mumbai: Domestic brokerage major Indiabulls Financial on Friday said it has received shareholders’ approval for raising funds to the tune of Rs 4,000 crore from domestic as well as international markets.
Shareholders have authorised the company to raise Rs4,000 crore in one or more tranches through the issue of Foreign Currency Convertible Bonds, Global Depository Receipts, equity shares, debentures or any other securities other than warrants to Qualified Institutional Buyers (QIB) or other investors, Indiabulls Financial said in a filing to the Bombay Stock Exchange.
Further, the shareholders have approved the enhancement of the existing borrowing limits and increase the existing authorised share capital of the company.
In January, the board had approved the proposal to raise $1 billion (about Rs4,000 crore) through the issue of shares by international offerings of convertible securities such as American Depository Receipts (ADRs), GDRs and FCCBs convertible into equity shares.
Shares of Indiabulls Financial were trading at Rs450.05, down 9.33% on BSE in afternoon trade.
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First Published: Fri, Mar 07 2008. 02 31 PM IST
More Topics: Indiabulls | Funds | Shareholders | Board | BSE |