IIFL Acquires Major Stakes in KE Housing Finance
The Silicon Review
15 October, 2018
India Infoline (IIFL), a financial services company has purchased about three fourth of the shareholdings in KadaiEshwar Housing Finance, a non-banking finance company. The total cost involved in the acquisition is about Rs. 100 crore.
IIFL has submitted an application in the central bank to get a certificate of registration. By next year January, the new venture of IIFL PE will hit the market. The non-banking financial institution was introduced by C. llango, former MD of Can Fin Homes (a finance company).
IIFL’s asset management rolled out its new fund IIFL India Private Equity Fund in May to help professional entrepreneurs. The company targets Rs. 2000 crore in its new fund. Currently, IIFL AMC handles capital worth of Rs. 20,000 crore under the AIF business. As of March 31, IIFL asset management has an AUM of around $5B.
According to IIFL, the company has completed the due formalities with a few professional entrepreneurs and is waiting to get a green signal from the regulatory authorities. The company is not in a position to disclose anything about investments until they are consummated.
IIFL AMC was established in 2008. The company operates the areas of mutual funds, alternative investment funds, venture capital funds, real estate, and fixed income securities.
In recent years, PE investors are tying up with industry veterans in India for establishing growth platforms.
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