Manappuram Finance has entered into a pact to acquire 85.39% stake in Indian School Finance (ISFC), for approx Rs.212 crore.

In a regulatory filing the company stated, “The Board of Directors of Manappuram Finance Ltd…has authorized entering into a securities purchase agreement in connection with the company’s acquisition of 85.39% of the share capital of Indian School Finance Company Pvt Ltd from certain existing ISFC shareholders.”

Further, the company has also entered into a transfer restrictions agreement with Indian School Finance Company and certain continuing shareholders of the target entity and the aggregate cost of acquisition is Rs.212.20 crore.

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