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Carlyle buys shares in Indian housing finance firm

The Carlyle Group is investing in HDFC Ltd., a housing finance company in India.

The D.C.-based private equity firm, through its Carlyle Asia Partners, will purchase 15.25 million new shares in Mumbai, India-based Housing Development Finance.

After the transaction closes, Carlyle will own a 5.6 percent stake in the Indian company, incorporated in 1977 to provide long-term financing to promote home ownership.

Housing Development Finance is one of the largest originators of housing loans in India. Over the years, it has emerged as a financial institution with a presence in banking, insurance, asset management, venture capital and information technology.

Proceeds from Carlyle's investment will support the company's continued investment in banking, life insurance and mortgage businesses. The transaction, subject to shareholder approval, is expected to close in July, Carlyle said in a statement.

Carlyle Asia Partners manages more than $2.5 billion worth of investments in Asia.

Source : BizJournal

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