The Carlyle Group bought a 9% stake in financial services company India Infoline on the secondary market. Terms of the sale were not released. But, at Wednesday’s market price, such a stake would be valued at roughly $38 million, Reuters reported.
(Reuters) – Indian financial services firm India Infoline (IIFL) said on Wednesday U.S. private equity giant Carlyle Group has bought a 9 percent stake in the company from the secondary market for an undisclosed amount.
At Wednesday’s market price, a 9 percent stake in IIFL, which offers retail and institutional brokerage services, is valued at about $38 million.
Washington-based Carlyle will be invited to join IIFL’s board, the Indian company said in a statement.
Carlyle last month filed paperwork for an initial public offering of up to $100 million. It is expected to come to market in the first half of 2012 in a deal that sources have said could raise as much as $1 billion.
IIFL shares closed 2.5 percent up at 71.35 rupees ahead of the announcement in a Mumbai market that fell 0.46 percent. (Reporting by Anurag Kotoky; Editing by Tony Munroe)