Indiabulls to raise $60 M

By agencies   |   Wednesday, 23 February 2005, 08:00 Hrs
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MUMBAI:Indiabulls Financial Services Ltd will raise $60 million through Global Depository Receipts from the international capital market to fund its working capital requirements.

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

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

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