IIFL Finance dilutes 20% stake in home finance subsidiary

IIFL Home Finance (IHFL) is raising Rs 2,200 crore from Abu Dhabi Investment Authority (ADIA) for 20% stake. Key points to note –  IHFL is currently a 100% ‘unlisted’ subsidiary of IIFL Finance Limited (IFL) It is in the business of small-ticket (affordable) home loans, loan against property and construction finance. The subject fund raise … Read more

NBFCs see demand rising for used-vehicle financing

Non-banking financial companies (NBFCs) are seeing a rise in demand for used vehicle financing amid Covid. The pandemicdriven preference for owning second and third cars in households, upgrades by two-wheeler owners to preowned cars and lower cost of used vehicles are some primary reasons for the spike in demand for used vehicles. NBFCs offering loans … Read more

Indostar informs about credit process lapses and hence need for additional provisions. Fixing of accountability awaited.

In a surprise development, Indostar Capital Finance Limited (ICFL) informed the following – On March 31, 2022, the management had informed Audit Committee of certain control deficiencies observed during the interim statutory audit Observations specifically related to the CV loan portfolio They were in respect of sanctioning of loans to existing customers, loan documentation and … Read more

DHFL-Yes Bank case: CBI searches premises of prominent realtors in Mumbai, Pune

The CBI on Saturday began searches at the premises of some prominent builders, including Ashwini Bhonsale, Shahid Balwa and Vinod Goenka, at eight locations in Mumbai and Pune in connection with the DHFL-Yes Bank corruption case, officials said. The CBI suspects that their companies were used to channel alleged illicit money in the Yes Bank-DHFL … Read more

Godrej Industries rolls out plans for the NBFC business

Godrej Industries (GIL) has communicated the following – GCL, the financial subsidiary of GIL was started in 2020 and since then has been providing home loans in select geographies. It is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC). It is currently present across Mumbai, Bengaluru, Delhi NCR, … Read more

Paytm commits to become operating breakeven by September 2023

In it’s quarterly operating performance update for March 2022 quarter, Paytm founder Vijay Shekha Sharma (VSS) has informed the following – Paytm should be Operating EBITDA (before ESOP cost) break-even in the next 6 quarters i.e., by September 30, 2023. During December 2021 quarter, Paytm had reported EBITDA (before ESOP cost) loss of Rs 393 … Read more