The private equity-backed company’s capacity to continue as a going concern is an issue that IndoStar Capital Finance is looking to resolve by potentially selling a portion of its investment in a home lending subsidiary.
The business, in which private equity investors Brookfield, Everstone, and others retain controlling ownership, stated in a BSE filing that the board of directors must approve its monetization strategy for IndoStar Home Finance Private before it can proceed.
For the first quarter ended June 2022, the home finance unit’s net profit increased by 253 % year over year (YoY) to Rs16 crore. In the same quarter, it saw a growth in assets under management of 45% YoY to Rs1,467 crores.
Following the June quarter, banks and other financial institutions have provided further funding to IndoStar Capital ,of Rs380 crore. As of June 30, the firm had a total of Rs255.07 crore in cash and cash equivalents and was in compliance with the necessary capital adequacy ratios.
The business disclosed that it had found flaws in the commercial vehicle loan (CV) portfolio, including a divergence from policies for granting loans and control problems, in May 2022. By September 2022, the portfolio review of SME loans and CV should be finished.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.