Farallon Capital exits from Indiabulls realty JVs for Rs1172 crore
New Delhi: Indiabulls Real Estate on Monday said it has bought back 49 percent stake each held by US-based private equity firm Farallon Capital Management in its seven realty projects for Rs 1,172 crore.
Farallon had invested Rs 847.48 crore in seven projects of Indiabulls during 2006-08 and has exited at 38 percent higher price.
In a filing to the BSE, Mumbai-based Indiabulls Real Estate said "the company has purchased the entire stake of FIM Ltd and its affiliates in its seven project subsidiaries for a total consideration of Rs. 1172.16 crore".
FIM Ltd, which is managed by Farallon Capital Management LLC, held 49 percent equity stake in these JVs and had invested Rs 847.48 crore in 2006 to 2008.
With the purchase of FIM's entire stake, Indiabulls said these project subsidiaries will now be 100 percent owned by the company.
Of the seven projects, five are in Gurgaon and one each at Chennai and Sonepat.
Indiabulls Real Estate shares were trading at Rs 58.40 a piece on BSE, up by 2.37 percent in afternoon trade.