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JSA, Khaitan on NBFC Belstar $28m raise from Muthoot, Maj Invest

Denmark-based Maj Invest Financial Inclusion Fund together with existing strategic shareholder, Muthoot Finance have invested around Rs 202.6 crores ($28m) in NBFC-MFI, Belstar Investment and Finance Private Limited, as reported by Business Standard. As per the reports, Maj has picked up an 11% stake in the company while Muthoot Finance has increased its stake from 71% to 74%, post the fund infusion.

J Sagar Associates (JSA) acted as the legal advisors to Belstar Investment and Finance led by partners Aarthi Sivanandh and Bhavana Alexander.

Khaitan & Co represented Maj Invest Financial Inclusion Fund in the fundraising.

Update 14 October 2018: AZB & Partners acted for Muthoot Finance, a listed non-banking finance company based out of Kochi, Kerala, led by partner Srinath Dasari.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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