Indiabulls Makes ₹1,050 Crore Bet on Fintech Expansion
What Happened
Indiabulls Ltd has signed an agreement to acquire a 70% stake in Fintech Cloud Pvt Ltd for ₹1,050 crore, valuing the company at ₹1,500 crore. The deal will be completed through an NCLT-approved scheme, with Indiabulls gaining board control and paying via the issuance of up to 21 crore shares.
Key Takeaways
The acquisition marks Indiabulls' entry into the fintech space. Fintech Cloud provides technology solutions for loan origination, underwriting and servicing to NBFCs, giving Indiabulls a foothold in the fast-growing digital lending ecosystem.