India’s education-focused non-banking financial company (NBFC), Avanse Financial Services Ltd, on Wednesday announced that it has secured about $49 million (Rs 390 crore) from existing shareholders — Warburg Pincus, a global private equity firm; and International Finance Corporation (IFC), a part of the World Bank group — through a rights issue.
The contribution percentage of the investment is as per Warburg and IFC’s existing shareholding pattern — 80% and 20%, respectively — Avanse said in a statement. Warburg has routed the investment through its affiliate Olive Vine Investment Ltd.
