Mumbai, March 30: L.N. Mittal is picking up an 8.2 per cent stake for Rs 90 crore in Indiabulls Credit Services, a majority-owned subsidiary of Indiabulls Financial Services Ltd.

Indiabulls Credit Services gives consumer loans to those segments that are unable to get credit from banks. Mittal will acquire the stake through LNM India Internet Ventures Ltd.

LNM India will pay about Rs 62 per share to invest Rs 45 crore in Indiabulls Credit Services. The company will issue 72.10 lakh shares to LNM India. Mittal will also make secondary purchase of shares for an equal amount (Rs 45 crore).

LNM India will hold a total of 1.44 crore shares in Indiabulls Credit Services.

After the new investments, the shareholding of Indiabulls Financial in its subsidiary will decrease from 55.3 per cent to 53.0 per cent due to the issue of new shares.

Indiabulls Credit Services will have an enhanced equity capital base of about Rs 460 crore with the new investment, it said.

This is the second investment made by a foreign entity in Indiabulls Credit Services.