M&A

M&A

IDFC First Bank to acquire Vaya MFI's assets for about Rs.1,000-Cr

Business Line  

IDFC First Bank is to acquire Hyderabad-headquartered Vaya Finserv's entire microfinance loan portfolio for about INR 1,000 crore, in an effort to meet its priority sector loan (PSL) requirements. Vaya would remain a continuing entity after the buyout. Vaya Finserv was set up in 2014 as a banking correspondent (BC) to many banks, including IDFC First Bank. It has operations spread across seven states. As of March 31, 2022, Vaya's loan book stood at INR 1,202 crore. Its net worth was INR 310 crore.