Global private equity firm Warburg Pincus has led a $50m fundraising round for Indian non-banking finance company (NBFC) Au Financiers, which also attracted commitments from existing investor International Finance Corporation (IFC).
The investment will primarily be used to fund the future growth of the Rajasthan-based company, which provides secured loan products through 150 branches in seven states across western and central India.
The listing could raise an extra $300m to $400m for the $17bn group, although it is not yet clear whether it will float in the US, the UK or India. Essar raised $2.5bn through the London listing of its energy unit in 2010.
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