News: Indiabulls raises stake in real estate units

(RTR 07/09/2006) Mumbai - Indiabulls Financial Services Ltd, an electronic brokerage and property firm, is raising its stake in three real estate units to 51 per cent from 40 per cent by converting debentures, the company said.

The company has decided to convert its aggregate Rs 142 crore ($ 30.8 million) debenture holding in Indiabulls Infrastructure Ltd., Indiabulls Properties Pvt. Ltd. and Indiabulls Estate Ltd., it said in a statement late on Wednesday.

Investment company Farallon Capital, with assets worth more than $17.5 billion, will have a 49 per cent stake in all the three real estate companies after the conversion by Indiabulls.