Pure-play loan-against-gold firm Manappuram Finance today said it has signed a pact to acquire Milestone Home Finance Company from Jaypee Hotels to enter the home loan market, for an undisclosed sum.
"With a pedigree in gold asset-backed lending, home asset-backed leading is a very synergistic expansion for us and is expected to add significant value to shareholders," Manappuram managing director & chief executive VP Nandakumar said in a statement.
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Milestone Home Finance is registered with the National Housing Bank and is promoted by Jaypee Hotels, which operates six properties in New Delhi, UP and Uttarakhand. While ICICI Securities acted as exclusive financial advisor, Amarchand & Mangaldas & Suresh A Shroff & Co acted as exclusive legal advisor to Manappuram.
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