Marwadi Chandarana Brokers Acquires Majority Stake in TruCap Finance

Marwadi Chandarana Intermediaries Brokers has announced a significant acquisition, securing a 75% stake in TruCap Finance for an investment of Rs 207 crore. This strategic move involves a blend of capital infusion and a secondary share purchase from TruCap's existing promoters, according to a stock exchange filing.

This development will lead to an open offer under SEBI regulations, with Marwadi Chandarana Group (MCG) poised to become the new promoter, as the existing promoters reduce their stake to nil. MCG, a prominent Indian conglomerate in capital markets and financial services, boasts a robust net worth of approximately Rs 2,500 crore.

The acquisition enhances TruCap's financial strength, fostering growth in gold loans, MSME business loans, and electric vehicle financing, underscoring a brighter future for all stakeholders. Founded in 2018, TruCap has disbursed over Rs 5,550 crore, serving 4.46 lakh customers, leveraging partnerships with over 40 financial institutions.

(With inputs from agencies.)