Indiabulls Fin shareholder sells 2.4 cr shares for Rs 680 cr

Indiabulls Employees Welfare Trust a shareholder of Indiabulls Financial Services, today offloaded 2.4 crore shares of the company to a slew of foreign investors for more than Rs 680 crore.

The shares were purchased by foreign investors, including Copthall Mauritius Investment Ltd, Merrill Lynch Capital Markets Espana, HSBC Global Investment Funds Mauritius Ltd and Swiss Finance Corporation (Mauritius) Ltd through open market transactions on the stock exchanges.

Indiabulls Employees Welfare Trust, which held 2.48 crore shares, or 7.94 per cent stake, in Indiabulls Financial Services at the end of December quarter, sold 2.40 crore shares of the non-banking finance company.

The shares were sold at an average price of Rs 284, valuing the deal to Rs 682 crore.

Merrill Lynch picked up 31.93 lakh shares of Indiabulls Financial Services, HSBC Global purchased 31.01 lakh shares, Copthall bought 24.93 lakh scrips and Swiss Finance acquired 24.93 lakh shares.

At the BSE, shares of Indiabulls Financial Services slumped 4.53 per cent to settle at Rs 284.30 apiece.

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