mumbai indiabulls financial services has raised a little over rs 1200 crore 300 million through a global depository receipts gdr offering on the luxembourg stock exchange and global steel baron l n mittal was one of the investors mittal the richest indian has stakes in a number of indiabulls group companiespriced at 1306 per gdr equivalent to one share indiabulls gdr issue was oversubscribed about 25 times the offer size goldman sachs and merrill lynch international were the joint lead managers to the issue which will be listed on the iob board of the lse and also on the luxembourg exchangewhile investors who participated in the offering were from the us europe and asia some the large institutional investors included fidelity and orient global market sources said a host of foreign investors that included citigroup oberon ltd merrill lynch and goldman sachs have been increasing their stake in indiabulls and postgdr total fii ownership would be over 60funds mobilised through the gdr offer will be used to grow indiabulls consumer finance business a few months ago the company management had said that during the current financial year it plans to grow its consumer finance books to about rs 6000 crore this business segment one of the fastest growth businesses in the country is already contributing over 57 of the companys earningsthe issue was done through an accelerated book building method and was closed in about five days speaking to toi nipun goel director dsp merrill lynch said that at the macro level the success of the issue is the vindication of indias growth story it also reflected investor confidence on indiabulls management and its business model goel saidindiabulls is in the process of merging indiabulls credit services its consumer finance arm with parent company it has already completed the acquisition of the minority interests in its mortgage subsidiary indiabulls housing finance ltd