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Mumbai-based financial services firm India Infoline and its insurance subsidiary have raised Rs 750 crore from Singapore-based private equity firm Orient Global. India Infoline Ltd has raised Rs 555 crore (approximately $141 million) from Orient Global, which will acquire 3.7 million shares representing 6.48 per cent of the current equity capital of the company. The company, which is present in retail and institutional equities businesses, is currently valued at Rs 8,564 crore or $2.16 billion.
Orient Global has also invested $50 million (Rs 197 crore) for a 10 per cent stake (post-money, fully diluted) in India Infoline’s insurance subsidiary, India Infoline Marketing Services Ltd (IIMSL). IIMSL does its business through its two subsidiaries, India Infoline Insurance Services Ltd and India Infoline Insurance Brokers Ltd. The capital provided by Orient Global will be used to expand the company’s branch network, establish call centres, invest in new technology and set up training facilities and general corporate purposes, says a release.
In November, Orient Global had invested $76.7 million (Rs 300 crore) for a 22.5 per cent stake in India Infoline Ltd’s consumer finance subsidiary, India Infoline Investment Services Ltd. With the current investment of $191 million, Orient Global's total exposure in India Infoline group companies is $267.7 million.
India Infoline has a network of 596 branches spread across 345 cities over India. It also claims to service 500,000 retail customers. Nirmal Jain is the founder, chairman and managing director of India Infoline Ltd. Orient Global is a Singapore-based private investment institution focused on financial and social businesses. The firm is founded by Richard Chandler.