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Mittal acquires stake in IndiaBulls Credit
NEW DELHI:
NRI steel magnate L N Mittal-promoted LNM India Internet Ventures Ltd. (LNM-IIVL) will acquire 8.2 per cent stake in Indiabulls Credit Services Ltd. (ICSL), a majority-owned subsidiary of Indiabulls Financial Services Ltd., for about Rs. 90 crore.
LNM-IIVL will pay about Rs. 62 per share for investing Rs. 45 crore in Indiabulls Financial as well as making secondary purchase of shares for an equal amount, IFSL said in a release.
ICSL will issue 72.10 lakh shares to LNM-IIVL for about Rs. 45 crore. LNM-IIVL will hold a total of 1.44 crore shares in ICSL.
Indiabulls said the investment by Mr. Mittal followed U.S.-based Farallon Capital's investments in ICSL. Farallon had recently paid Rs. 55 per share and invested $20 million in the company, while it had paid Rs. 22 per share to buy 33 per cent stake for Rs. 88 crore in ICSL last year. — PTI
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