India Infoline, one of the leading retail brokerage houses, is venturing into the consumer finance business in a big way.The company is looking for private equity funding or a strategic partner for its new venture, India Infoline Finance Holding (IIFH). The newly formed holding company for retail financing business will be valued at Rs 800-1000 crore.
India Infoline will infuse around Rs 200 crore into IIFH directly, and around $100 million would be raised either through private equity or stake dilution to the extent of 30-40 per cent.
Sources close to the development said that negotiations are in an advanced stages with prospective investors. The company is banking on a huge network of 540 branches across the country and a ready retail clientele.
Indiainfoline has called off its partnership with DSP Merrill Lynch, which was holding equity in India Infoline. Senior employees of Citi Financial Group, who had joined DSP are now with India Infoline.
Read more in The Business Standard article.
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