IndoStar Capital Finance

The fund will also invest an additional Rs 500 crore to fuel the company's geographic expansion and digital transformation

Indostar Capital Finance board approved the sale of IndoStar Home Finance for Rs 1,750 crore to WITKOPEEND B.V

NBFC says in filing it is making efforts to sell nearly 50% of its stressed assets

Offloads stress loans with dues worth Rs 915 cr

As of December 2022, JM Home had a loan book of Rs.1,181 crore and AUM of Rs. 1,272 crore with average ticket size of Rs 12 lakh and loan to value ratio of 55%

Company elevates Chief Risk Officer K Srinivasan as CEO

Demand for consumer goods, automobiles, white goods has been holding momentum, which should translate into good credit off take for consumer financiers this festive season, analysts said

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Company's net revenues during April-June quarter of FY23 were up by 32 per cent at Rs 167 crore as against Rs 126.6 crore in same period of FY22, IndoStar Capital said in a release.

The company may have to make an additional expected credit loss provisions between Rs 557 crore - Rs 677 crore due to the "certain observations and control deficiencies" made by an external auditor.

The non-banking financial company (NBFC) expects to grow loan book 4-5 times and also enter financing of used cars and tractors as part of its medium-term strategy

Company offers no reason for resignation; Sridhar joined IndoStar in April 2017, had worked with Sriram Group since 1985.

MD and CEO Nitin Chugh of Ujjivan Small Finance Bank has resigned from the bank and his tenure will come to an end on September 30

Pre-provisioning operating profit was of Rs 33.10 crore during the quarter, down from Rs 75.10 crore in year ago period

Its net profit stood at Rs 0.2 crore in the same period a year ago

On August 18, Indostar Capital Finance allotted debentures to State Bank of India, worth Rs 200 crore, on preferential placement basis

Besides challenges faced by wholesale NBFC in particular, the credit costs (amount to be provided for stressed assets), are likely increase post outbreak of COVID 19

The fall, analysts say, has been on concerns that the financial industry has will be the worst hit among sectors, given the disruptions to the country's economic activity caused by Covid-19 outbreak.

The boards of both companies have approved the transaction, however, the value of the deal has not been disclosed

Morgan Stanley (MS), in a report this week, estimates IndoStar's share of retail AUM to double to 52% by FY20