Indiabulls set for revamp.....LN MITTAL set to raise stake ..

LN MITTAL ,the man with midas touch is quietly hiking his stake in IBFSL(indiabulls financial services limited)....mittal will end up owing 10%,compared to the current 4%,after IBFSL undergoes a complete restructuring in four months.....apart from IBFSL he will continue owning 4% each in IBREL and IBS(indiabulls securities)

ibfsl has 3 businesses

• stock broking( ISL)
• consumer finance(ICSL)
• housing finance(IHFL)

restructuring process would occur in 3 stages...

• IBFSL will demerge ISL into a separate company.the firm with 10% marketshare and daily volumes of Rs.4000 crore, will be a standalone entity.post-demerger it would get listed
• IBFSL will now be merged with ICSL
• IBFSL will now acquire US based Farallon Capital's 33% stake for around Rs.112 crore and become a 100% IBFSL arm....

the rejig is a precursor to preparing itself to convert IBFSL into a full-fledged bank.....