Indiabulls to raise $1 bn from int'l market

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Domestic brokerage major Indiabulls financial Services has said it will raise one billion dollars through issue of international securities.

The company would seek shareholders' approval on February 1 for the issuance of Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts and other forms of securities convertible into equity shares, Indiabulls informed the Bombay Stock Exchange.

However, it did not disclose any details about the utilisation of the issue proceeds.

Several Foreign fund houses including Citigroup Inc, Merrill Lynch and Goldman Sachs Group have considerable stake in the company. For the quarter ended September 30, Citigroup held 5.58 per cent, Merrill Lynch 4.99 per cent and Goldman Sachs 3.65 per cent in Indiabulls.

Earlier in May 2007, the company had raised 25 million dollars through issue of GDRs convertible into equity shares.