Manappuram Finance Ltd. agreed to acquire an 85.39% stake in nonbanking finance company Indian School Finance Co. Pvt. Ltd. for an aggregate price of 2.12 billion rupees.
Indian School Finance extends loans to affordable educational institutions. The company said the acquisition will be a key growth driver as Indian School Finance is in a niche sector and the business is scalable and profitable, according to a July 3 release.
The company expects to complete the acquisition in eight months' time.
As of July 2, US$1 was equivalent to 68.72 Indian rupees.