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JSA Advises Oman India Joint Investment Fund II on Stake Sale in Annapurna Finance to Piramal Alternatives for USD 75 million

JSA advised Oman India Joint Investment Fund II (OIJIF II) in the divestment of a portion of its stake in Annapurna Finance Private Limited to Piramal Alternatives and another buyer. 

Piramal Alternatives acquired approximately 10% of Annapurna’s total share capital through a transaction valued at USD 75 million, which included cash consideration for equity shares amounting to INR 300 Crores and a subscription to INR 300 Crores worth of debentures issued by Annapurna.

Transaction Details: The completion of the transaction was contingent upon receiving approval from the Competition Commission of India (CCI). The transaction underscores the strategic realignment of stakes within Annapurna Finance, aimed at enhancing its operational capabilities and market positioning within the microfinance sector.

Transaction was led by Partners Archana Tewary and, Nikhil Joseph.

About Oman India Joint Investment Fund II (OIJIF II): OIJIF II is a private equity fund jointly owned by Oman’s State General Reserve Fund (SGRF) and India’s State Bank of India (SBI). The fund primarily focuses on investments in growth-oriented opportunities across various sectors in India.

About Annapurna Finance Private Limited: Annapurna Finance is a prominent microfinance institution headquartered in Odisha, India. As of March 31, 2024, it manages assets exceeding $1.25 billion. The institution plays a crucial role in providing financial services to underserved communities, particularly in rural areas, contributing significantly to financial inclusion efforts in India.

About Piramal Alternatives: Piramal Alternatives is the private equity investment arm of Piramal Enterprises Limited, a diversified global conglomerate with a significant presence in pharmaceuticals, financial services, and real estate. Piramal Alternatives focuses on making investments across various sectors, including healthcare, financial services, infrastructure, and real estate. The firm aims to create long-term value by partnering with strong management teams and supporting companies through strategic initiatives and operational improvements. With a commitment to responsible investing and sustainable growth, Piramal Alternatives seeks opportunities that align with its expertise and enhance shareholder value over the long term.

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