August 14, 2019 / 11:23 AM / 2 months ago

India's Edelweiss Financial to raise $125 mln from U.S.-based Kora Management

BENGALURU, Aug 14 (Reuters) - Edelweiss Financial Services Ltd said on Wednesday U.S.-based Kora Management would invest $125 million in the Indian financial services company, weeks after Canadian private equity firm CDPQ’s investment of $255 million.

Kora will invest $75 million in Edelweiss Financial's advisory business and a further $50 million in Edelweiss Group, the shadow bank said here

Indian shadow banks are facing a funding crisis as domestic lenders are wary to invest in them following industry behemoth IL&FS default amid fraud allegations, leaving many of them to seek overseas support.

In May, rival Cholamandalam Investment and Finance Company Ltd said it would raise $222 million through bonds from foreign investors.

Mumbai-based Edelweiss said in March that CDPQ’s Asian arm made a $150-million investment as the first tranche of its total outlay.

Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below