Key Takeaways
- • Blackstone Inc. will acquire a 15.57% stake in IIFL Finance Ltd., a mid-sized Indian shadow lender, for about 50 billion rupees ($532 million), according to Bloomberg.
- • The investment is being made through Singapore-based Ingot SG Pte. Ltd., which will subscribe to about 83.1 million compulsorily convertible preference shares.
- • The preference shares are priced at 602 rupees apiece, and each will convert into one IIFL Finance equity share, per an exchange filing.
- • The deal deepens Blackstone's push into India's financial sector as global investors seek exposure to the country's fast-growing economy.
Summary
Blackstone Inc., the world's largest alternative asset manager, will acquire a 15.57% stake in IIFL Finance Ltd., a mid-sized Indian shadow lender, for about 50 billion rupees ($532 million), according to Bloomberg. The transaction was disclosed in an exchange filing on Tuesday.
The investment will be executed through Singapore-based Ingot SG Pte. Ltd., which will subscribe to approximately 83.1 million compulsorily convertible preference shares at 602 rupees per share. Each preference share will convert into one equity share of IIFL Finance upon conversion, according to the filing.
The deal extends Blackstone's expanding presence in India's financial sector. Global investors have been increasingly seeking exposure to the Indian economy, which is among the fastest-growing in the world, and non-bank lenders such as IIFL Finance have become a focus of that interest.
The available reporting does not provide further detail on governance rights, timing of conversion, or the strategic rationale stated by either party.
The investment will be executed through Singapore-based Ingot SG Pte. Ltd., which will subscribe to approximately 83.1 million compulsorily convertible preference shares at 602 rupees per share. Each preference share will convert into one equity share of IIFL Finance upon conversion, according to the filing.
The deal extends Blackstone's expanding presence in India's financial sector. Global investors have been increasingly seeking exposure to the Indian economy, which is among the fastest-growing in the world, and non-bank lenders such as IIFL Finance have become a focus of that interest.
The available reporting does not provide further detail on governance rights, timing of conversion, or the strategic rationale stated by either party.
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