Indiabulls attracts investments from global funds
The company would allot 1.15 crore equity shares to Oberon Ltd, a firm promoted by Farallon Capital Management LLC, upon conversion of an equal number of preference shares at Rs 162 each,
By PTI |
Mumbai:Leading domestic brokerage firm Indiabulls Financial Services (IFS) will allot shares representing 3 per cent stake to US-based fund Farallon Capital for Rs 186.3 crore.
The company would allot 1.15 crore equity shares to Oberon Ltd, a firm promoted by Farallon Capital Management LLC, upon conversion of an equal number of preference shares at Rs 162 each, which translates into three per cent stake in the firm, it informed the Bombay Stock Exchange.
Recently, foreign fund Citigroup Global Markets bought 14.85 lakh shares of IFS worth Rs 73 crore through an open market transaction. Earlier, Goldman Sachs increased its stake in the company to nearly 5 per cent.
As per the latest shareholding pattern, foreign investors like Merrill Lynch, Lloyd George Investment and Fidelity Funds have significant interests in the company.
Merrill Lynch Capital Markets Espana has over 8 per cent stake in the company, while Goldman Sach Investments Mauritius holds 4.81 per cent and CLSA Mauritius 3.3 per cent stake.
The transaction with Oberon marks a considerable reduction in the price, because under the share subscription agreement signed between the two in June last year, Oberon was supposed to be allotted equity shares at Rs 300 upon conversion of the preference shares issued to them.
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