LN Mittal, Farallon Cap pick 13.33% in Indiabulls Infra
Steel magnate Mr L.N. Mittal, and a wholly owned unit of San Francisco based Farallon Capital, the world’s largest investment fund, have together acquired a 13.33 per cent stake in Indiabulls Infrastructure Development Ltd (IIDL), for Rs 447 crore.
IIDL is the majority-owned subsidiary of Indiabulls Financial Services Ltd.
IIDL will be taking up infrastructure projects and develop SEZs to cater to Fortune 500 companies interested in setting up manufacturing units in India.
Mr L.N. Mittal has been an investor in Indiabulls Financial Services, the listed company since 2000 when he bought 61.3 lakh shares (7.52 per cent stake) in the company at an average price of Rs 6 per share. Some six months ago, Mr L.N. Mittal invested around Rs 90 crore to buy an 8.4 per cent stake in Indiabulls Credit Services Ltd, an unlisted subsidiary of Indiabulls Financial Services, dealing in consumer loans. Farallon Capital has been an investor in Indiabulls Financial Services since the IPO of the company in 2004.
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