US fund to invest $1 mn in Indiabulls

New Delhi: Indiabulls Financial Services Ltd will issue preference shares worth Rs 6.44 billion ($1 million) to Oberon Ltd, a fund managed by US-based Farallon Capital Management LLC, reports Reuters.

Indiabulls, a leading Indian broking and financial services firm, said it would issue 11.5 million preference shares worth Rs 3.45 billon that can be converted into equity at Rs 300 a share, a 16 per cent premium to the stock's close on Friday.

It will also issue non-convertible preference shares worth Rs 2.99 billion at a five per cent dividend for the first 18 months and 10 per cent for the subsequent 18 months, Indiabulls said in a statement issued on Sunday.

The issues are subject to shareholders' approval, Indiabulls said.