Housing finance company Weaver Services Private Ltd (WEAVER) on Wednesday acquired Capital India Home Loans for Rs 267 crore, subject to regulatory approvals. The company will raise up to Rs 800 crore from private equity funds to finance the acquisition and fuel its expansion plans.
“WEAVER proudly announces the execution of definitive documents for strategic acquisition of 100 per cent of the fully diluted equity capital of Capital India Home Loans Limited for a total consideration of Rs 267 crore. This acquisition is a key step in WEAVER’s mission to redefine the landscape and reach of affordable housing finance,” according to the press release.
WEAVER consists of HDFC employees, led by Satrajit Bhattacharya, who headed the Investments and M&A function at HDFC.
Following the acquisition, Satrajit will assume a non-executive role, continuing to guide the company’s strategic vision.
“To finance this acquisition and fuel its ambitious pan India expansion plans, WEAVER is raising capital from leading private equity funds including Gaja Capital and Lok Capital to secure up to Rs 800 crore in funding. This capital infusion will be instrumental in launching new products and enhancing operational capabilities, positioning WEAVER as a significant force in the affordable housing finance sector,” the release added.