Indiabulls raises stake in real estate arm

New Delhi, Dec 12: Indiabulls Financial Services Ltd today said it has increased its equity stake in Indiabulls Real Estate Company Pvt Ltd (IRECPL) to 50.5 per cent through conversion of convertible debentures held by it in the latter worth Rs 82.29 crore.

Mauritius-based FIM Ltd, managed by Farallon Capital Management LLC of San Francisco, US, holds 49.5 per cent stake in IRECP, it said in a statement.

Farallon Capital Management LLC is an investment advisor registered with the US Securities and Exchange Commission (SEC), managing over 17.5 billion dollars in private assets for some of the leading institutions.

Institutional Investors magazine, one of the leading global publication focused on Investment Management industry, has ranked it as one of the largest and most prestigious private investment partnerships in the US.

UNI