India Infoline Investment Services (IIIS) has announced that it has sold 22.5 percent stake to Singapore-based private equity investor Orient Global, founded by emerging markets expert Richard Chandler, for $76.7 million (Rs.300 crore).
Before the stake sale, IIIS was a wholly owned subsidiary of India Infoline, a leading brokerage and financial services firm.
According to a press release, the money raised will be primarily utilised for the expansion of IIIS's subsidiaries - Moneyline (personal and auto loans) and India Infoline Housing Finance (home loans).
Orient Global is delighted to support the development of India's financial services sector by providing capital to IIIS, said Richard Chandler, chairman, Orient Global.
Capital is a scarce and vital resource. Financial institutions play an important role allocating capital to individuals, entrepreneurs and businesses. In this way, financial institutions are an empowerer of opportunity and a catalyst for economic growth. Orient Global is enthusiastic about the role that IIIS can play in extending the availability of financial services, and thereby accelerating growth and prosperity in India, he said.
India Infoline Investment Services is delighted to have the support of Orient Global, a highly principled organisation that has an outstanding track record in financial services and has demonstrated a long-term commitment to India, Nirmal Jain, chairman and managing director, India Infoline Ltd said.
Orient Global is a Singapore-based private investment institution focused on building sustainable prosperity through investments in financial and social businesses. Founded by Chandler in 2006, it has offices in Singapore, Dubai and London and has been on the lookout for deals in India for the past on years.