Abu Dhabi Investment Authority (ADIA) has bought 20 per cent stake in IIFL Home Finance for Rs 2,200 crore. This information was given in a statement.
IIFL Home Finance said in a statement that the Abu Dhabi Sovereign Wealth Fund will make this investment through a wholly owned subsidiary. It said that IIFL Home Finance has entered into an agreement to raise a primary capital of ₹ 2,200 for a 20 per cent stake in a wholly owned subsidiary of ADIA.
The company said on Friday that the deal would be subject to regulatory approvals. If this agreement goes through, it will be the largest ever equity investment by an outside investor in the affordable housing loan category.
IIFL Group Founder Nirmal Jain said that IIFL Home Finance will use this amount to expand into new markets.