Liquidity Events
Rajiv Rattan buys JV partner Lone Star's 50% stake in NBFC for Rs.611-Cr
Rajiv Rattan, a co-founder of Indiabulls Group, has acquired a 50% stake of joint venture (JV) partner Lone Star Funds (from its affiliate Rose Investments) in New Delhi-headquartered non-banking financial company (NBFC) RattanIndia Finance for INR 611 crore (about USD 73 million) in an all-cash deal. For Lone Star, the transaction will imply a loss on its investment of USD 100 million in the JV in 2018. A rift was triggered between Rattan and Lone Star three years ago after Lone Star alleged that Rattan had misused money belonging to the company. In September 2021, Rajiv Rattan reportedly offered USD 65 million for settlement on the condition that Lone Star withdraw all the legal cases filed against him and his company. The NBFC had not declared any dividend during its operations. It has a cash balance of INR 1,250 crore and a loan book of INR 50 crore.
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