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CDC Group to invest 10B rupees in India Infoline Finance

agreed tosell a 15% stake in its unit India Infoline Finance Ltd. to U.K.-based CDC Group Plcfor around 10 billion Indian rupees.

The company said July 20 that the company will sell thestake by way of issuing equityshares and compulsorily convertible preference shares to CDC Group.

IIFL saidthat CDC Group's investment in India Infoline Finance will help the groupexpand its financing business and address the capital needs of under-servedsegments through diversified offerings.

The deal issubject to necessary regulatory approvals.

IndiaInfoline Finance engages in the business of home and property loans, gold loansand commercial vehicle finance, among other forms of lending.

As of July 20, US$1 was equivalent to 67.16Indian rupees.