I missed this story. Indiabulls Financial Services Ltd, which started as a broking firm and now a diversified financial conglomerate, plans to raise $300 million from the international market through the issue of Foreign Currency Convertible Bonds (FCCBs) or other securities.

At the EGM held last Friday, the company approved the proposal for raising the amount by way of FCCBs, GDRs, ADRs or other convertible securities. The company plans to invest Rs 3,300 crore in its subsidiaries too - Rs 1,000 crore each in Indiabulls Securities Ltd, Indiabulls Housing Finance Ltd and Indiabulls Credit Services Ltd, and Rs 300 crore in Indiabulls Capital Services Ltd.

The company would also allot one crore warrants on a preferential basis to the promoters. These warrants are convertible into an equal number of equity shares of Rs 2 each at a conversion price of Rs 250 each. Ok, that can become a benchmark of FCCB conversion.

Posted on 05/31/06, 2:40 PM
in: Main Page
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