Financial Daily from THE HINDU group of publications
Thursday, Jun 09, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 09, 2005 |
|
|
|
|
|
Markets
-
Foreign Institutional Investors US fund buys 42.5 pc stake in Indiabulls arm Our Bureau
Mumbai , June 8 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 Rs 131 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. "This opens up another big opportunity. As per the Reserve Bank of India's estimates, the size of the market is over Rs 2.5 lakh crore," said Mr Gagan Banga, Executive Director, Indiabulls. The deal has been completed and the money has already come in, Mr Banga said. 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 Rs 43.75 crore, according to information provided to the stock exchanges.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|