Brookfield to pick up 40% stake in IndoStar Capital

Private equity and real estate investor Everstone Group on Friday said it has entered into an agreement whereby Brookfield Business Partners, together with its institutional partners, will be investing Rs 1,450 crore in IndoStar Capital Finance. Through this investment, Brookfield will acquire 40 per cent stake in the non-banking finance company. The overall investment will comprise a combination of primary investment in equity shares and compulsorily convertible preference shares of Rs 1,225 crore along with a secondary purchase of shares from IndoStar Capital Mauritius, a company statement said. "We are delighted to partner with a reputable global investor such as Brookfield and welcome them to the IndoStar family. We see opportunities to continue delivering substantial value to IndoStar's customers, employees and investors," IndoStar Chairman Dhanpal Jhaveri said. He is also the Vice Chairman of Everstone India The fresh investment by Brookfield will support the growth of IndoStar's retail business.