Khaitan & Co acted as the legal adviser for India Infoline Finance Limited in connection with the transaction
IndoStar Capital Finance Ltd, a non-banking finance company, has signed a binding agreement to acquire the CV finance business of India Infoline Finance Ltd (IIFL Finance), a subsidiary of IIFL Holdings Ltd.
The acquisition includes the entire CV finance AUM of Rs 3,949 crore as on December 31, 2018, comprising Rs 2,450 crore of loan portfolio and Rs 1,499 crore of securitisation/ assignment portfolio, together with a 1,337-strong employee team located in 161 branches spread over 18 states. This team has achieved a gross disbursement in excess of ?3,000 crore for FY18 and Rs 1,723 crore for H1FY19. The boards of both companies have approved the above transaction.
IndoStar Capital, promoted by Everstone Group in 2011, initially started corporate lending business. Since 2015, IndoStar has been building its retail lending business, which accelerated last year with the set-up of its CV finance and affordable housing finance businesses.
Khaitan & Co advised India Infoline Finance Limited with a team including Vivek Sriram (Picture), Aishwarya Nagpal (Senior Associate) and Madhusmita Deept (Associate).
Involved fees earner: Vivek Sriram – Khaitan & Co.;
Law Firms: Khaitan & Co.;
Clients: India Infoline Finance Limited ;