Manappuram to buy 85.39% in ISFC

Manappuram Finance, a non-banking financial institution, plans to acquire 85.39% stake in Hyderabad-based Indian School Finance Company (ISFC) that focusses on lending to the education segment, according to a statement.

The Kerala-based firm has entered into binding agreements with ISFC and its shareholders for acquiring the stake by way of secondary purchase from existing financial investors, Gray Matters Capital and Caspian. ISFC has assets under management of Rs. 522.59 crore and shareholders’ funds of Rs. 90 crore as on March 31, 2018.

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