India, Nov. 10 -- IIFL Finance Ltd. (IIFL.NS), a non-banking financial company (NBFC) in India, on Tuesday said Blackstone Inc. (BX) has agreed to invest ?5,000 crores ($535 million) in the company for an approximately 16% stake.
The capital infusion is expected to support growth across the company's secured lending businesses and potentially improve its credit ratings and lower borrowing costs over time.
The investment will be made through a preferential allotment of compulsorily convertible preference shares (CCPS), which will convert to equity shares at ?602 per share within 18 months of allotment.
IIFL Board has approved a total primary capital raise of ?6,414 crores. Promoters Nirmal Jain and R. Venkataraman will invest ?1,264 crore...