Neo Wealth buys a 9.6% stake in Keertana Finserv
Kolkata: Neo Wealth Partners has acquired a 9.6% stake in Keertana Finserv, a fast-growing gold loan lender promoted by microfinance veteran Padmaja Reddy. The investment comes amid rapid growth in India's gold loan market, which is drawing fresh strategic interest.
Neo Wealth Partners, set up by former Edelweiss Financial chief executive officer Nitin Jain, has invested ₹230 crore for the stake, valuing Keertana at 2.3 times its net worth of ₹920 crore, underscoring the institutional interest for collateral-backed lending platforms in India.
The firm invested in 16 million compulsorily convertible preference shares (CCPS), with a face value of ₹10 each, issued at a premium, people aware of the matter said. Keertana approved the proposal to issue the CCPS through private placement at an extraordinary general meeting on Wednesday.
Neo Wealth Partners, set up by former Edelweiss Financial chief executive officer Nitin Jain, has invested ₹230 crore for the stake, valuing Keertana at 2.3 times its net worth of ₹920 crore, underscoring the institutional interest for collateral-backed lending platforms in India.
The firm invested in 16 million compulsorily convertible preference shares (CCPS), with a face value of ₹10 each, issued at a premium, people aware of the matter said. Keertana approved the proposal to issue the CCPS through private placement at an extraordinary general meeting on Wednesday.
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