Indiabulls Plans $1 Billion Overseas Fund-Raising

                                                                                         

Indiabulls Financial Services Ltd., India’s second biggest finance company by market value, plans to raise $1 billion selling shares overseas, the company said in a statement to the Bombay Stock Exchange.

The company, partly owned by the Citigroup Inc., Merrill Lynch & Co. and Goldman Sachs Group Inc., among other overseas companies, will seek the approval of its shareholders on Feb. 1, the statement said.

Indiabulls, which raised $275 million in American depositary receipts in May 2007, may raise more funds overseas selling shares or bonds convertible into shares. It didn’t disclose plans for using the proceeds.

The Mumbai-based company, which initially sold shares in September 2004, provides loans to developers as well as to buyers of homes and trucks, through more than 650 branches across India.

Indiabulls spun off its real estate business as a separate listed company last year, and plans to list its securities trading company later this month.

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