India Infoline has inked a $76.7 million equity deal by selling stake in its consumer finance subsidiary India Infoline Investment Services (IIIS) to Singapore-based Orient Global. The latter has picked up a 22.5% stake in IIIS.
As per a company release, the capital would be primarily utilised for the expansion of IIIS’s subsidiaries, Moneyline, dealing with personal and auto loans and India Infoline Housing Finance.
Moneyline will leverage the group’s 600-branch network to provide credit to a wide clientele which does not have access to organised credit. Moneyline plans to have an active presence in 60 cities by the end of next year.
Read more in The Economic Times article.
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