Non-Banking Financial player Indostar Capital Finance has now secured INR 1225 crore equity capital from Brookfield, which is an alternative asset manager.
The investment made by the Brookfield in the retail-focused NBFC is a combination of primary investment in equity shares and compulsory convertible preference shares.
With this new investment, Brookfield will become a co-promoter with the 24.6% percent stage, along with the IndoStar Capital Mauritius having 45.2% holding at present.
“This investment is a strong endorsement of IndoStar’s business model, management capability, and quality of its franchise. This investment not only provides equity funding but also access to new debt financing via Brookfield’s relationships with financial institutions,” Indostar’s Executive Vice-Chairman and CEO, R Sridhar, said in a release.