Indiabulls Financial increases Shareholding in Associate companies

Indiabulls Financial Services Ltd has announced that the Company has entered into three Share Subscription and Shareholders Agreements on September 04, 2006 with FIM Ltd ("FIM") and each of Indiabulls infrastructure Ltd ("IIL"), Indiabulls Properties Pvt Ltd ("IPPL") and Indiabulls Estate Ltd ("IEL"), in relation to the Company’s and FIM´s respective shareholdings in each of IIL, IPPL and IEL. Pursuant to the said agreements, the equity stake of the Company in IIL, IPPL, and IEL will increase from the present 40% up to 51% through conversion of Optionally Convertible Debentures amounting up to Rs 141.5 crores held by the Company in IIL, IPPL and IEL.

FIM Ltd, a Company incorporated in Mauritius and managed by Farallon Capital Management LLC based in San Francisco, USA, will hold 49% stake in IIL, IPPL and IEL. Farallon Capital Management LLC is an investment advisor registered with the US Securities and Exchange Commission (SEC), managing over US $ 17.5 billion in private assets for some of the leading institutions. Institutional Investor magazine, leading international publication focused on Investment Management industry, has ranked Farallon Capital Management LLC as one of the largest and most prestigious private investment partnerships in the US.

Source : Equity Bulls

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