Aditya Birla Private Equity is planning to acquire 10% stake in credit information services provider @CIBIL Limited (Cibil) for a consideration of INR 1200 Mn.
With the company planning for an IPO by end of next calendar year, the deal is an pre IPO deal which values the firm commanding 90% market share at INR 12,000 Mn.
The deal would provide
CIBIL has been in news with US-based consumer credit reporting agency
Since March, some early investors in Cibil such as
Founded in 2000
With the NPA's increasing and rising default, banks are now pushing themselves to be more stringent regarding the the credit history of borrowers before disbursement. The central bank has asked the banks to get the history from multiple bureaus.
The gross NPA of 40 listed banks shot up to INR 63,3860 Mn, in the nine months through December to over INR2.4 lakh Cr, according to a study done by NPAsource, an Ahmedabad-based portal with a focus on bad loans.
It was recently planning to set up a credit bureau focused on MFI, whose inclusion would increase the database number by 70 million.
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