Private equity funds managed by Turning Leaf Asset Management (TLAM) have entered into a definitive agreement to acquire 21.5% stake by infusing $8.5 million in Dhanvarsha Finvest. As part of the transaction, the promoter group Wilson Holding will also simultaneously infuse $6 million equivalent in Rs into the company and convert Rs 103 million of existing debt into equity in the company. Subject to customary closing conditions, post infusion Dhanvarsha will boast of net worth in excess of Rs 1.5 billion, which is a substantial milestone for the company.
Dhanvarsha Finvest was formed with a clear foresight to accelerate the dream of achieving more broad based financial inclusion in India. The company aims to attain this objective by providing sustained, customized and affordable financing solutions to the Micro, Small & Medium Enterprises (MSME) and Low to Middle Income (LMI) groups.
