International Finance Corporation (IFC) is planning to acquire 20% stake in Dewan Housing Finance-promoted Avanse Financial Services (Avanse), a specialised green-field NBFC, regulated by the Reserve Bank of India. The Corporation is planning to invest up to Rs 12.5 crore for acquisition of the stake.
The company is expected to utilise the funds for establishing its education loan business that will cater to markets across India. Avanse, additionally will leverage the existing infrastructure platform of DHFL, which is spread over 400 locations with a strong presence in the states of Andhra Pradesh, Karnataka, Maharashtra, Tamil Nadu and National Capital Region.
Avanse, which is a new age education finance company, is an Associate Company of Dewan Housing Finance (DHFL), a leading player in the housing finance sphere. While, DHFL holds 48.5% stake in Avanse, balance 51.5% stake being held by the individuals and entities affiliated to the Wadhawan group.
