Indiabulls to raise $60mn via GDRs

Indiabulls Financial Services will raise upto $60 million through global depository receipts (GDRs) from the international capital market to fund its working capital requirements.

The $60 million GDR will consist of a main green shoe component of upto $45 million and over allotment option of upto $15 million, the company informed the National Stock Exchange (NSE).

The additional working capital will be used to conduct business, expand the same and undertake new initiatives, which are expected to contribute to the growth of the company, it said.

It expects to sustain its current business growth rate of over 100% and is projecting a consolidated net profit of Rs 52.5 crore for FY 2004-05.