Cholamandalam dilutes 15% stake to raise Rs 250 cr

Chennai : Cholamandalam Investment and Finance Company Ltd has diluted 15 per cent stake to five private equity (PE) investors including International Finance Corporation (IFC) and Reliance Capital. The non-banking finance company (NBFC), part of the Chennai-based $3.8 billion Murugappa group, has raised Rs 250 crore through this dilution. The company is also planning to bring more equity investment during the first quarter of next fiscal.

M B N Rao, chairman, Cholamandalam Investment and Finance Company, said IFC and other private equity investors have infused Rs 250 crore capital in the company.