Blackstone to invest ₹5,000 crore in IIFL Finance for 16% stake
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Blackstone will invest ₹5,000 crore in IIFL Finance for a 16% stake.
- ✓IIFL announced this on Tuesday as part of a larger ₹6,414-crore capital raise.
- ✓Nirmal Jain said, "Their investment is a strong endorsement of the franchise our team has built." This move helps the company expand its lending business.
Story at a Glance
- Category
- Indian Markets
- Reported By
- mint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Mumbai: Blackstone, the world's largest alternative asset manager, will invest ₹5,000 crore in IIFL Finance Ltd for a stake of about 16% on a fully diluted basis, as the non-banking financial company (NBFC) looks to strengthen its balance sheet and expand its lending business.
IIFL announced the investment on Tuesday as part of a ₹6,414-crore capital raise, marking one of India's largest private equity infusions into a listed Indian NBFC.
The announcement came after market hours. Shares of IIFL Finance closed 0.5% lower at ₹626.65, while benchmark Nifty 50 ended 0.2% higher.
Blackstone's investment, equivalent to $535 million, will be made through compulsorily convertible preference shares (CCPS) that will convert into equity shares at ₹602 apiece, in line with regulatory pricing requirements, within 18 months of allotment.
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