Indiabulls to raise $50mn

Indiabulls Financial Services will hold an EGM on February 2, 2005 to raise funds up to $ 50 million by issuing ADRs/GDRs or foreign currency convertible bonds (FCCBs).

According to a release issued to the BSE today, the EGM will also approve a proposal to increase the authorized capital from Rs 25 crore to Rs 50 crore by issuing 12.50 crore shares of Rs 2 each.

The other plan to be put to vote will be investment in the share capital of Indiabulls Credit Services by way of subscription of shares or giving loans and extending guarantees or security to the tune of Rs 300 crore.

The meeting will also vote on a proposal to enhance investment limit of the company in Indiabulls Securities and provision of loans and extension of guarantee up to Rs 750 crore.