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Indiabulls financial services plans to raise $1 Bn
By siliconindia
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Thursday, 10 January 2008, 18:23 IST
Mumbai: Indiabulls Financial Services, Mumbai based consumer Finance Company plans to raise $1 billion. According to a statement from the company, this move is to tap rising demand from borrowers as the economy heads towards annual 9 percent growth for the third consecutive year.
The company partly owned by Citigroup, Merrill Lynch and company and Goldman Sachs Group, will seek approval from its shareholders on February 1. The company also plans to target overseas investors by selling shares or bonds convertible into stock, added the statement.
"Since a lot of global investors want to benefit from rising consumerism in India, companies like these are an avenue for investment," said P R Dilip, MD at Impetus Wealth Management in Mumbai.
Indiabulls, has more than 650 branches across and provides loans to developers as well as to buyers of homes and trucks.
Indiabulls is sharpening its focus on consumer finance. The company plans to take public its securities trading company later this month; while the real estate business was listed as a separate company last year.
Indiabulls, which sold $275 million of American depositary receipts in May last year, denied to disclose what it will do with proceeds from its present fund-raising plan.