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Indiabulls' share subscription pact with Oberon

CHENNAI: Indiabulls Financial Services Ltd. completed a share subscription agreement with Oberon Ltd., a special purpose vehicle wholly owned by funds managed and controlled by Farallon Capital Management LLC. Under the agreement, Oberon will be allotted convertible preference and non-convertible preference shares for a total consideration of Rs. 644 crores. The preference shares are convertible at a price of Rs. 300 each into 1.15 crore shares of Indiabulls and bear a dividend of five per cent. The non-convertible preference shares will carry a dividend of five per cent per year for the first 18 months and 10 per cent for the next 18 months, says an Indiabulls release.

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