Farallon pays Rs 88cr for 33% stake in Indiabulls arm
NEW DELHI: San Francisco-based Farallon Capital Management, L.L.C. has invested Rs 88 crore for 33.3% stake in Indiabulls Credit Services Ltd, a majority-owned subsidiary of Indiabulls Financial Services Ltd. Farallon Capital, a registered investment adviser with the US Securities and Exchange Commission, is a multi-strategy investment fund with over $12 billion in assets under management.
Indiabulls Credit Services is focused on the booming consumer finance market in India and will engage in offering personal loans to the vast middle markets under its branding, Easy Money. The new funding will be utilised to fund expansion of Indiabulls Credit Services business by increasing technology and infrastructure investments in the business. The company plans to add 200 retail outlets over the next year for disbursing loans to its target market.
With new capital infusion from Farallon, Indiabulls Credit Services will have a large capital base of over Rs 130 crore of equity capital. Indiabulls Credit Services has been valued at Rs 265 crore with the Rs 88-crore infusion for 33% of the company by Farallon Capital
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