Essel Finance Business Loans (EFBL), Essel Finance’s NBFC business, plans to acquire Intec Capital’s Rs 272-crore portfolio along with bank borrowings for a consideration of equity shares in the company.
The transaction is expected to be completed after concurrence from the bank and regulatory authorities.
Intec Capital is a non-banking finance company registered with RBI. Motilal Oswal Pvt Equity is 33 per cent shareholder in the company.
"Post this acquisition, we will cross a loan portfolio of Rs 500 crore and have a large pan-India customer base. The banking relationship of loan portfolio will help us in faster growth,” said Amitabh Chaturvedi, Managing Director, Essel Finance.
Currently Essel Finance offers a range of financial services and products such as SME business loans through its NBFC, housing finance, forex, private equity, investment banking & distribution segments.