Indiabulls to raise Rs968 crore via QIP route

Leading brokerage firm Indiabulls Financial Services Ltd has announced that its directors have approved a plan to raise up to $200 million (Rs968.4 crore) via issue of equity shares, fully or partly convertible debentures, or any other securities (other than warrants), convertible into or exchangeable with the equity shares, by way of a qualified institutions placement (QIP) to qualified institutional buyers.

The consent of the shareholders is yet to be obtained. Hence the company would convene an extraordinary general meeting EGM on 18 July, a company statement said.