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Monday, Jan 03, 2005

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US equity fund buys 33.3 pc in Indiabulls arm for Rs 87.6 cr

Our Bureau

Mumbai , Jan. 2

FARALLON Capital, a San Francisco-based private equity fund, and its affiliates have acquired 33.3 per cent stake in Indiabulls Credit Services Ltd, the recently formed subsidiary of the broking firm, Indiabulls Financial Services Ltd, for Rs 87.6 crore.

Farallon Capital is a multi-strategy investment fund with over $12 billion in assets under management, according to an Indiabulls release.

With the new capital infusion from Farallon, Indiabulls Credit Services will have a capital base of over Rs 130 crore.

The Indiabulls subsidiary, which was set up in November, is focused on the consumer finance market and will offer personal loans under the `Easy Money' branding.

The funding by Farallon - which already has an equity stake in the parent company - will help Indiabulls Credit Services expand its business.

The company plans to open retail outlets in number of cities over the next year, said a director of the company.

It will use the fresh funding for expanding consumer finance business, a sector registering faster growth.

"Indiabulls is well positioned to benefit from the explosive growth of consumer finance market," said Mr Sameer Gehlaut, CEO, Indiabulls.

Indiabulls Credit Services has been valued at Rs 263 crore with the Rs 87.6-crore infusion, according to the release.

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