The board also approved raising equity capital of Rs 1,322 crore through Compulsory Convertible Debentures (CCD) and warrants. The equity fundraise is subject to shareholder approval.
The deal with MSL enables Ugro Capital to enter the tech-enabled embedded finance market. The non-bank lender will initially pay Rs 28 crore to acquire 76% of MSL, while the remaining Rs 17 crore will be paid later to secure full ownership of the company.
Listed non-banking lender U Gro Capital Ltd, which counts private equity firms Samena Capital, ADV Partners and TPG NewQuest among its investors, has raised Rs ..