Indiabulls divests 60% stake in realty arm

FIM, a company incorporated in Mauritius and managed by Farallon Capital Management LLC based in San Francisco, USA, has bought 60% stake in Indiabulls Real Estate Company (IRECPL) for Rs 5.10 crore.

According to a release issued by Indiabulls to the BSE today, the company has invested Rs 3.40 crore in IRECPL, and now holds 40% stake in the company.

"The main object of IRECPL is to engage and participate in the construction and development of immovable properties," the release added.