2024-10-16 21:47:36 :
Mumbai: Affordable housing finance company Weaver Services Private Ltd, founded by former HDFC Ltd employees, on Wednesday announced acquisition of Delhi-based Capital India Home Loans Pvt Ltd (CIHL) for $267 crores.
Weaver Services is raising funds $The company said in a statement that Rs 8 billion in funding from private equity firms including Gaja Capital and Lok Capital will fund the acquisition and grow its lending business.
However, the acquisition has not yet received regulatory approval.
Mint reported on July 31 that Weaver Services, founded by former HDFC investment and M&A head Satrajit Bhattacharya and other ex-HDFC executives, is looking to acquire a mid-sized housing finance company.
Upon completion of the acquisition, Bhattacharya will assume a non-executive role at Weaver Services.
“The funds will be used for acquisition financing and growth. But we will also look at further acquisitions in the same area, for which we will look at raising additional funds.” Mint.
Home loan products for women and self-employed people
Weaver Services will focus on launching innovative home loan products for women borrowers and self-employed people in the unorganized sector in tier-II and tier-III towns.
CIHL is a subsidiary of Capital India Finance Ltd (CIFL), a non-depository non-bank financial company focused on real estate lending. CIFL is part of Capital India Corp Pvt Ltd and is promoted by Sumit K. Narvar, who is also the chairman of Noida-based real estate company Trident Realty.
Capital India Finance is a core investment company (CIC) that also includes technology cross-border remittance company RemitX, fintech payment and remittance startup RapiPay, education loan fintech company Credenc and fintech company Kuants. investment platform.
CIHL’s standalone loan portfolio is $388.68 crore as on March 31, 2024, higher than $348.06 crore a year ago. As of March 31, 2024, guaranteed loans accounted for approximately 94% of CIHL’s investment portfolio. The housing finance company has 31 branches in 10 states.
Capital India Finance shares have soared 82% since they began rising on October 7, closing at $The price on BSE on Wednesday was $266.95.
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