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Non-banking financial company and wholly owned subsidiary of L&T Finance Holdings, L&T Finance, has acquired a 26% stake in Grameen Capital India.
L&T Finance Holdings shares were trading up 1.97 per cent or Rs 1.40 at Rs 72.35 on the BSE at 2.35 pm.
Grameen Foundation, Citicorp Finance, Amit and Arihant Patni are the other shareholders.
The deal amount was not disclosed.
Grameen Capital India provides investment advisory services to the impact sector and has facilitated more than $160 million of both equity and debt capital for social enterprises. It has also set up a debt vehicle as a significant complement to its existing services, Grameen Capital said in a statement.
Y M Deosthalee, Chairman and Managing Director of L&T Finance Holdings, said, “Social enterprises need to build sustainable scale with the help of patient capital. We are delighted to partner with Grameen Capital and come up with innovative solutions for the capital needs of these enterprises. I am personally excited that we will be able to play a role, however minor, in unleashing a new wave of entrepreneurial energy in India’s social sector.”
Apart from L&T Finance, other big names such as Ratan Tata, Shrinivas Dempo and Vikram Gandhi have invested in the firm. “We will use this investment for catalyzing lending to social enterprises,” said Royston Braganza, CEO of Grameen Capital.
Grameen Capital India provides capital market access to impact-focused enterprises serving the base-of-the-pyramid segment through innovative debt and equity solutions, credit enhancement and strategic advisory services. Grameen Capital also actively advises double bottom-line funds on their impact investment programs in India, the company said.
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