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This is an archive article published on February 21, 2008

Indiabulls to set up MF company

Now there will be one more option available to mutual fund investors...

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Now there will be one more option available to mutual fund (MF) investors, as the market regulator has cleared Indiabulls Financial Services Ltd (IBFSL) to set up an MF company.

The company has received approval from Sebi to set up an asset management business, which should be operational in the next 3-4 months, IBFSL said. Currently, there are 33 MF companies in the country.

To fund expansion of the financial services business, Indiabulls is also looking to raise about $1 billion through bond offering or a hybrid instrument, which would include issuance of both equity and debentures.

The company also plans to enter into life insurance with Sogecap, a subsidiary of French bank Societe Generale. The group has already decided to demerge its brokerage business — Indiabulls Securities — into a separate company, which it plans to list separately on the bourses very soon.

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