Blackstone will invest 50 billion rupees (about $535 million) in IIFL Finance, an Indian non-bank lender. The investment will give Blackstone an approximately 16% stake.
Blackstone's investment is the largest part of a wider fundraising totaling 6,414 crore rupees (about $686 million). IIFL co-promoters Nirmal Jain and R. Venkataraman will invest 1,264 crore rupees. Anchorage Capital will invest 150 crore rupees.
Blackstone will invest through compulsorily convertible preference shares, which will convert into equity at ₹602 per share. The capital infusion is expected to nearly double IIFL's capital adequacy ratio, from about 17% to approximately 30%, supporting future growth.