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However, the company did not disclose the financial details of the transaction. Post completion of the purchase, Fullerton India has become a consolidated subsidiary of Sumitomo Mitsui Financial Group Inc (SMFG), it said.
Japan’s second-largest lender will eventually acquire the rest of the Indian credit firm from Fullerton Financial Holdings Pte at a later stage, it said in a statement Tuesday, without providing terms of the transaction.
Fullerton India said it has priced the 37-month issue at fixed annual coupon of 8.12 percent.
Helped by improved assets under management and gains in rural business, Fullerton India has reported 32.1 percent rise in its net earnings to Rs 397.6 crore for the financial year ending March 31, 2016
The housing finance company would start its business by November with an initial paid-up capital of Rs 100 crore, Fullerton India's Executive Vice President & Head – Business & Marketing Rakesh Makkar said.
Non-banking financial company, Fullerton India, has raised Rs 450 crore from International Finance Corporation, a part of the World Bank Group through non-convertible debentures (NCDs).
The first phase covering 700 desktops is well underway and the second phase is to be completed by March 2014, which will replace 1500 additional desktops.
Deploys Anunta's Application Delivery-as-a-Service model to move from a physical desktop PC environment to a private cloud based Hosted Shared Desktop environment.
Fullerton India Credit Company Limited was honoured with three awards last weekend for its CSR work in the community. At the Responsible Business Summit 2013- June 28' 13, Fullerton India won awards in two categories- 'Best Corporate Social Responsibility Practice' and 'Best Community Development Program'.
Multi-year engagement to tap IBM cloud-based DR service to build enterprise resiliency while minimising data loss.
Intel Xeon Solution helps deliver 45 percent savings to Fullerton India for its Loan Origination platform.
