In the latest M&A deals, Centrum has signed an agreement to acquire microlender Altura Financial Services, while InCred Capital has acquired the wealth management business of L&T Capital. Meanwhile, CCI has approved the acquisition of Welspun Corp’s plates and coils mill division by Laptev Finance Pvt Ltd, while Prestige Falcon Realty Ventures has acquired a 28.99% stake in DB Realtors.
Centrum acquires Altura Financial Services
Mumbai-based financial services group Centrum has signed an agreement to acquire New Delhi-headquartered microlender Altura Financial Services Ltd.
As part of the agreement, Centrum MicroCredit will acquire Altura’s entire portfolio as well as its branch network, and retain all the company’s employees, VCCircle reported.
Centrum has routed the credit through its unit Centrum MicroCredit Ltd. It, however, did not disclose the financial details.
InCred acquires L&T Capital’s wealth biz
Mumbai-based non-banking financial company (NBFC) InCred Capital has acquired the wealth management business of L&T Finance Holdings.
The wealth and asset management unit of lender InCred Financial Services would buy the stake for Rs 18 crore plus the cash and equivalent of L&T Capital Markets (Middle East). The deal is expected to complete within 10 months from the date of execution of the share purchase agreement, L&T Finance Holdings said in a regulatory filing.
InCred Group was founded by Bhupinder Singh in 2016 as a tech-enabled integrated financial services provider. It has established itself in consumer and SME lending and it is now making a foray into asset and wealth management, advisory and other allied services.
CCI approves Welspun-Laptev deal
The Competition Commission of India has approved the acquisition of Welspun Corp’s plates and coils mill division by Laptev Finance Pvt Ltd.
Welspun Corp in March had said it will sell its assets worth Rs 940 crore to two companies – Laptev Finance and Welspun Captive Power Generation. The company had then also signed agreement with Laptev Finance to sell its plates and coils mill division for Rs848.5 crore.
Laptev is in the business of buying, selling, reselling, exporting, importing and trading steel goods among others while Welspun Corp is the flagship company of Welspun Group.
Prestige buys 28.99% in DB Realtors
Prestige Falcon Realty Ventures Private Limited (PFRVPL), wholly owned subsidiary of realty developer Prestige Group, has acquired 1,32,854 equity shares representing 28.99% stake in DB Realtors Private Limited from Trinity Capital (Ten) Limited, it said in a regulatory filing.
Last month, Prestige Estates Projects Ltd had tied-up with Mumbai-based DB Group for a mixed-development project comprising a large hotel and convention centre in Delhi at a total investment of around Rs2,000 crore.
