Indostar shares jumped more than 6% in morning trade after the company sold its subsidiary IndoStar Home Finance Private Limited (IHFPL) to Witkopeend BV, an Amsterdam-based affiliate of global private equity investor BPEA EQT Mid-Market Growth Partnership, for Rs 1,750 crore in fully diluted basis.
The agreement, which is subject to customary conditions such as regulatory approval from the Reserve Bank of India and consent from lenders and shareholders, will see EQT invest Rs 500 crore in IHFPL soon after the transaction closes.
As of 9:27 am, Indostar shares were trading 5.88% higher at Rs 319.40 on the NSE.
