George Soros buys 2.5-per cent Stake in Indiabulls Real Estate News

George Soros, the real estate billionaire has acquired a 2.5-per cent
stake in Indiabulls Real Estate (IRE), for Rs276 crore.

Soros’ hedge fund Quantum Fund picked up over 6 million Indiabulls
Real Estate shares in the open market on Tuesday 18 March for Rs455.8
on a day when the shares closed 4.2 per cent down at Rs449.4.

There would be no dilution in the promoters’ stake post-acquisition,
as the transaction involved an exchange of stakes between Quantum and
global financial firm Morgan Stanley.

The investment has come at a time when many American realty firms
have been on a selling spree amid concerns over an acute financial crisis
enveloping the US.

George Soros has invested in a few Indian companies, from real estate
to infrastructure industry, including Unitech, GMR Infrastructure, Anant
Raj Industries and Shree Precoated Steels. Quantum Fund is also believed
to have recently picked up some stake in Future Capital Holdings, the
financial services arm of Kishore Biyani’s Future Group.

Photo: Howrah bridge of Kolkata at night in May 2005 by dola.das85, licensed under CC BY-SA 3.0, via Wikimedia Commons.