Financial services company Indiabulls Ventures Ltd is raising Rs 1,539.20 crore ($210 million) from four foreign institutional investors (FIIs), including a private equity firm, to infuse long-term capital into two of its subsidiaries. Indiabulls Ventures will make a preferential allotment of compulsorily convertible debentures to Tamarind Capital Pte Ltd, Hong Kong-based hedge fund Steadview Capital, US-based venture capital fund ABG Capital and DF International Partners. Tamarind, a PE firm that is part of New Zealand billionaire Richard Chandler′s investment firm Clermont Group in Singapore, is buying debentures worth Rs 740 crore ($101 million), Indiabulls said in a stock exchange filing. Steadview Capital is subscribing to debentures worth Rs 614.20 crore ($84 million), ABG Capital Rs 125.80 crore ($17 million) and DF International Rs 59.2 crore ($8 million). The Indian company will use the proceeds to capitalise lending arm Indiabulls Consumer Finance Ltd and Indiabulls Asset Reconstruction Co Ltd. The debentures have been allotted at a 35 per cent premium to the company′s share price this week. They have to be converted into ordinary shares on or before 18 months from the date of issue. These debentures carry a coupon of 14.9 per cent per annum.