Indiabulls Hsg buys Amapro's stake in its unit for Rs 260cr

Non-banking finance company Indiabulls Housing Finance today said it has acquired the entire 42.5 percent holding of Amaprop in its subsidiary Indiabulls Finance for Rs 260 crore.  

Amaprop, a US private equity firm, had invested in the equity capital of the Indiabulls' subsidiary under a share purchase agreement.

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"With the purchase of Amaprop's equity stake, Indiabulls Finance is now 100 percent owned by Indiabulls Housing Finance," the company said in a statement here.

The company also said that despite the ongoing adverse business and economic environment, the private equity firm made a healthy return on its investment.

As per reports, Amaprop had bought 42.5 percent stake in Indiabulls Finance in 2005 for around Rs 130 crore. Indiabulls Housing Finance, which has loan book of around Rs 37,000 crore, had reported a net profit of Rs 1,266 crore in FY13.

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