UPDATE 2-Indonesia's Bumi cuts stake size, price in Fajar deal

* Aims to buy 50 pct instead of 76.7 pct of Fajar Bumi Sakti

* Purchase price cut to around 1.4 trln rph from 2.47 trln

* Shareholders agree plan to pledge assets as collateral

(Adds detail)

By Tyagita Silka

JAKARTA, June 26 (Reuters) - Indonesia's PT Bumi Resources Tbk (BUMI.JK) revised terms for one of three recent acquisitions after investors complained about corporate governance and a market watchdog said valuations were unfair.

Bumi, part of the diversified Bakrie group (BNBR.JK), had planned to buy a 76.7 percent stake in Fajar Bumi for 2.47 trillion Indonesian rupiah ($240.7 million), but after market watchdog Bapepam said the price was too high, it agreed to re-negotiate the terms.

"After very intensive discussions, the agreement has been reached that instead of 76.7 percent, the seller is willing to accept the ... lower price, but Bumi will take possession of 50 percent," Bumi's corporate secretary Dileep Srivastava said.

Bumi, which has a stock market value of $3.61 billion, will pay around 1.4 trillion rupiah for the 50 percent stake, he added.

Bumi is Indonesia's largest coal producer and was briefly the biggest listed stock on the Jakarta exchange last year until the global financial meltdown and slump in commodity prices wiped billions of dollars off its market value.

In January, when its share price was still at rock bottom, Bumi said it would acquire three coal mining firms, PT Darma Henwa Tbk (DEWA.JK), Fajar Bumi Sakti and PT Pendopo Energi Batubara for a total of 6.18 trillion rupiah.

The three deals raised questions among many investors over the valuations used and corporate governance. [ID:nJAK99301].

Meanwhile a shareholders meeting on Friday approved the company's plan to pledge assets of its subsidiaries as collateral for loans, Srivastava said, without elaborating.

"Whatever lending that has been given to us, ultimately there has always been a collateralisation of assets ... If you don't collateralise, you're going to pay a lot more," he said, citing Credit Suisse and ICICI Bank (ICBK.BO) as two of the lenders.

Bumi shares closed down 2.1 percent at 1,880 rupiah while the broader index .JKSE eased 0.2 percent. (Writing by Andreas Ismar; Editing by Ed Davies/David Holmes) ($1=10260 Indonesian Rupiah)