document.writeln("

US fund picks up 42.5 pc stake in Indiabulls subsidiary
Mumbai: AMAPROP Ltd, a subsidiary of the US-based investment fund Amaranth Advisors Llc, has picked up 42.5 per cent stake in a subsidiary of Indiabulls Financial Services Ltd. The fund has paid Rs131 crore for 32.33 lakh equity shares of Indiabulls Finance Company Private Ltd.

The deal allows Indiabulls Finance Company to enter the secured retail loans business. India Bulls officials said that this would open open up a big opportunity for the company. According to them the Reserve Bank of India estimates that the size of the market is over Rs2.5 lakh crore. Officials further said that the deal has been completed and the money has already come in.

The deal does not give Amaprop Ltd any representation on the board of the listed Indiabulls entity. Indiabulls Financial Services Ltd holds 43.75 lakh shares in Indiabulls Finance Company Pvt Ltd, representing 57.5 per cent of the shareholding. This has been valued at Rs43.75 crore, according to information provided to the stock exchanges.
Back to News Review index page