In July this year, IIFL Finance raised Rs1,000 crore from CDC Group, the development finance institution owned by the UK government, in lieu of a 15.45% stake. New Delhi: India Infoline Finance Ltd (IIFL Finance), a non-banking finance company and unit of financial services firm IIFL Holdings Ltd, will venture into the microfinance segment with the acquisition of Bengaluru-based microlender Samasta Microfinance Ltd. In a filing with the stock exchanges, IIFL Holdings said that the Reserve Bank of India (RBI) had given it in-principle approval for the planned acquisition of Samasta Microfinance. In July this year, IIFL Finance raised Rs1,000 crore from CDC Group, the development finance institution owned by the UK government, in lieu of a 15.45% stake. IIFL Finance is in the business of home and property loans, gold loans, commercial vehicle finance, healthcare finance, loans against securities and small and medium enterprise business loans.

Source: Mint November 17, 2016 18:48 UTC