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This story is from January 8, 2008
Indiabulls plans to raise $1 billion from abroad
Indiabulls is focusing on consumer finance. It is also planning a public offer for its securities trading company later this month.
The Mumbai-based company, partly owned by Citigroup, Merrill Lynch and GoldmanSachs will seek approval from shareholders on February 1, it said in a filing to the Bombay Stock Exchange on Monday.
It will target overseas investors by selling shares or bonds convertible into stock, the statement said. "Since a lot of global investors want to benefit from rising consumerism in India, companies like these are an avenue for investment," said PR Dilip, managing director at Impetus Wealth Management Ltd.
Indiabulls, which initially sold shares in 2004, provides loans to developers as well as to buyers of homes and trucks, through more than 650 branches across India. McKinsey & Co estimates that India's middle class — those with annual disposable income between $4,380 and $21,890 in current dollars — will increase more than 10-fold to 583 million people by 2025.
Indiabulls is sharpening its focus on consumer finance, with plans to take public its securities trading company later this month after spinning off the real estate business as a separate listed company last year.
Indiabulls — which sold $275 million of American Depositary Receipts (ADRs) in May last year — didn't disclose what it will do with proceeds from its present fund-raising plan.
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