Indiabulls Real Estate Raises INR 15.8 Billion by Selling Power Unit

February 15, 2008	(Be the first to rate this story!)  Loading ...
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India’s fourth-biggest property developer by market value, Indiabulls has raised 15.8 billion rupees selling shares in its power unit to billionaire Lakshmi Mittal and Farallon Capital Management LLC.

In an e-mail statement India bulls Real Estate said that it has sold 37.5 percent of its fully owned subsidiary, Sophia Power Company Ltd. The mail also revealed that Farallon will buy 23.4 percent while the remaining shares will be bought by Mittal.

Both Farallon and Mittal will buy the stakes at 66.67 rupees a share, the company said. Indiabulls Real Estate will hold 62.5 percent of Sophia Power.

The combined stake bought by Mittal and Farallon will drop to 28.6 percent after a proposed merger of Sophia Power with Indiabulls Power Services Ltd., another fully owned unit of Indiabulls Real Estate, said Ajit Mittal, head of investor relations and president of corporate affairs at Indiabulls Real Estate, by telephone from Mumbai.

News Published Under:   Real Estate India |

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