ICL Fincorp to acquire Salem Erode Investments Ltd

Kerala-based ICL Fincorp Ltd on Tuesday said it has signed a share purchase agreement to acquire Salem Erode Investments Ltd. ICL Fincorp would pick up a 74.27 percent stake in the promoter group of the company and it proposes to release a public issue of non-convertible debentures (NCDs) by the end of FY 2019-20, a statement said here.

"The size of the upcoming public issue of NCDs by ICL Fincorp will be Rs 100 crore," the statement said. Recently, the company made its official launch in the Middle East and was expected to commence operations there over the next three months.

ICL Fincorp currently has a presence in Kerala, Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh. The company was also going ahead with its expansion plan in the northern region by setting up around 1,000 new branches by the end of 2022, the statement added.