The proceeds will provide growth capital to the business and the proposed transaction will close after regulatory approvals.
“This investment is a strong endorsement of the quality of businesses we have built to scale over the years,” said Mahesh Misra, chhief executive officer at IMGC. “We look forward to leverage Sagen’s global experience to drive innovation and transformation to further deepen the mortgage guarantee market in India,” he added.
Currently, IMGC has investors which include the National Housing Bank, International Finance Corporation, Asian Development Bank, and Enact Holdings.
Sagen is the largest private-sector residential mortgage insurer in Canada and is owned by Brookfield Business Partners L.P, which is a group entity of Brookfield Asset Management. This will be Sagen’s first investment in India, though it has been operating in Canada for more than 27 years.
IMGC presently guarantees over 70,000 home loans amounting to more than Rs 15,000 crore through its partnership with 19 lenders. Its new business volume grew by more than 50% in FY22.
Discover the stories of your interest
Bangalore-based Unitus Capital acted as exclusive financial transaction advisor to IMGC.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
