LN Mittal Gets Hold of 3.3% in Indiabulls Realty Arm

LN Mittal Gets Hold of 3.3% in Indiabulls Realty Arm
Friday, December 1, 2006

Lakshmi Narayan Mittal, who lords over the world’s largest steel empire, is all set to establish a substantial presence in Red hot Indian real estate.

Mittal and US Hedge Fund, Farallon Capital unveils plans to pick 13.3 percent in Indiabulls Infrastructure Development for $100 m. However, LN Mittal will not hold a bigger share but 3.3% of the company which it is purchasing for about $25 m. As far as money invested by Farallon Capital is concerned, it has pumped in around $75 m to gain a share of 10% stake in the company.

FIM Holding, a vehicle of Farallon Funds will buy 7.5 million shares at Rs. 447 per share whereas Karrick, an investment vehicle of Mr. Mittal, will purchase 2.5 million shares at the same price.