ICL Fincorp picks stake in Kolkata firm

Hyderabad: ICL Fincorp, a Kerala-based non-banking finance company, on Friday announced that it will take over Salem Erode Investments Limited, Kolkata-based NBFC by picking a majority share. Currently, 74.27 per cent stake is with the promoter group of the said company.

ICL Fincorp said it has signed a Share Purchase Agreement to take over the company. The company will release the public issue of Secured Non-Convertible Debentures (NCD) by end of FY2019-20. The size of upcoming public issue will be Rs 100 crore.

In addition, ICL Fincorp said it will commence its operations in UAE within the next three months. It has obtained the Trade Licence in Dubai, United Arab Emirates under the same trade name, ICL Fincorp.

Anil Kumar, CEO and Managing Director, said: "Keeping the growing needs of consumers in mind, ICL Fincorp plans to expand its portfolio at a national level through 1,000 new branches by the end of 2022."