Manappuram to acquire Hyderabad-based NBFC, Indian School Finance Company

Manappuram in a filing with stock exchange BSE said the acquisition will facilitate Company's business growth on account of a strategic partnership between ISFC and Company

Manappuram Finance Ltd, the Kerala-based NBFC, is planning to acquire Hyderabad-based NBFC, Indian School Finance Company Pvt Ltd (ISFC). The deal is valued at Rs 2.48 billion.

Manappuram has agreed to enter into binding agreements with ISFC and its shareholders, for acquiring 85.39 per cent stake by way of secondary purchase from the existing financial investors, an impact investors Gray Matters Capital and Caspian, which will exit from the company by selling is 3.48 per cent.

ISFC focuses on lending to the education segment with loans to affordable private schools, vocational colleges, coaching centres etc. ISFC has assets under management