Indiabulls Financial to raise $1bn

The board of directors of Indiabulls Financial Services, which met on January 5, approved a proposal to raise up to $ 1 billion through an issue of ADRs/GDRs and FCCBs convertible into equity shares.

According to a release issued by the company to the BSE today, the meeting decided to convene an extra-ordinary general meeting of the shareholders on February 1, 2008 to approve the proposal.

The board meeting also approved an alteration in the articles of association of the company to facilitate the appointment of vice chairman and creating ESOP schemes in compliance with the terms of the scheme of arrangement between Indiabulls Credit Services (ICSL) and the company, the release added.