ADIA buys 20% stake in IIFL for Rs 2,200 cr

Mumbai: The Abu Dhabi Investment Authority (ADIA) has picked up a 20 per cent stake in IIFL Home Finance for Rs 2,200 crore, a statement said.

The Abu Dhabi sovereign wealth fund will make the investment through a wholly-owned subsidiary, said IIFL Home Finance, which is among the largest affordable housing financiers with assets under management of Rs 23,617 crore.

IIFL Home Finance has entered into a definitive agreement for raising Rs 2,200 crore of primary capital for a 20 per cent stake from a wholly-owned subsidiary of ADIA.

The deal completion is subject to regulatory approvals, it said in a statement on Friday.

On completion, the deal will be one of the largest equity investments in the affordable housing finance segment, by an external investor.

IIFL Home Finance will use the capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans, Nirmal Jain, the IIFL Group founder said.