Kerala-based ICL Fincorp Ltd on Tuesday said it has signed a share purchase agreement to acquire Salem Erode Investments Ltd.
ICL Fincorp would pick up 74.27 per cent stake in the promoter group of the company and it proposes to release a public issue of non-convertible debentures (NCDs) by the end of FY 2019-20, a statement said here.
"The size of the upcoming public issue of NCDs by ICL Fincorp will be Rs 100 crore," the statement said.
Recently, the company made its official launch in Middle East and was expected to commence operations there over the next three months.
ICL Fincorp currently has presence in Kerala, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh.
The company was also going ahead with its expansion plan in the northern region by setting up around 1,000 new branches by the end of 2022, the statement added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app