The Everstone Group (Everstone), a leading private equity and real estate investor has entered into an agreement whereby Brookfield Business Partners, together with its institutional partners (collectively Brookfield) will, upon closing of the transaction, invest Rs 1,450 crore in IndoStar Capital Finance (IndoStar) through a combination of subscription to securities and purchase of shares from IndoStar Capital Mauritius and mandatory tender offer, and seek to acquire 40% interest in the business, depending upon the subscription to the mandatory tender offer.
The overall investment will comprise a combination of primary investment in equity shares and compulsorily convertible preference shares of Rs 1,225 crore along with a secondary purchase of shares from IndoStar Capital Mauritius. Brookfield will also become a co-promoter in IndoStar and nominate two board members. R. Sridhar will continue to lead the company in his role as Vice Chairman and CEO, IndoStar.
The fresh investment by Brookfield will support the continued growth of IndoStar's retail business.
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