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Multiples Alternate Asset Management acquires 37% stake in Indian NBFC

Mumbai-headquartered Multiples Alternate Asset Management Pvt. Ltd. acquired a 37% stake in Indian nonbanking financial company APAC Financial Services Pvt. Ltd., Mint reported Dec. 14, citing a top Multiples Alternate Asset Management executive.

APAC Financial commenced operations in June and focuses on affordable housing and providing credit to the underserved and underbanked micro, small and midsize enterprises.

Financial details of the transaction were not disclosed. However, the private equity firm was said to have invested 2.5 billion rupees in the nonbanking financial company, as well as another 1.5 billion rupees of fund infusion from APAC Financial's founder and leadership team, two people aware of the development said.

Following the acquisition, APAC Financial's total capital amounted to 4 billion rupees.

In addition, Nithya Easwaran will join the board of APAC Financial.

As of Dec. 14, US$1 was equivalent to 71.93 Indian rupees.