New Delhi: The Government has given its nod for Mauritius-based Cloverdell Investments to bring in foreign investments of Rs 808 crore.
Cloverdell Investments, an affiliate of Global private equity firm Warburg Pincus, will bring these funds to acquire up to 53.67 per cent equity stake in Future Capital Holding, a non-deposit taking listed non-banking finance company.
The Cloverdell’s acquisition of Future Capital Holding is expected to be done in two tranches. Future Capital Holding is listed in both the NSE and the BSE.
The Foreign Investment Promotion Board (FIPB), which looks into investment proposals of foreign investors, had cleared the proposal on July 27.
Earlier on June 4, Pantaloon Retail (India) Ltd and its wholly-owned unit Future Value Retail Ltd had reported to the stock exchanges that they had entered into a Share Purchase Agreement (SPA) with Cloverdell to sell their holdings in Future Capital Holdings in two tranches.
The share sale would represent a maximum of 53.67 per cent while the minimum stake would be limited to 40 per cent of total equity shares.
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