Indiabulls Financial Services Ltd. has informed that its Board of Directors has approved a plan to raise up to US$200 million  (Rs 972 crore) via issue equity shares / fully convertible debentures / partly convertible debentures or any other securities (other than warrants) convertible into or exchangeable with the equity shares.

The board of the company at its meeting held has passed a resolution to obtain the approval of the shareholders for the proposed fund raising plan by way of a Qualified Institutions Placement (QIP), to Qualified Institutional Buyers (QIBs).

The Board The company has announced that an Extraordinary General Meeting (EGM) of the shareholders be convened on July 18.

Ahead of approval, the stock of the company settled the day with gain of 4% at Rs 176 on BSE.