Advertisement
Marwadi Chandarana Intermediaries Brokers, part of the diversified Marwadi Chandarana Group (MCG), announced its acquisition of a 75% stake in TruCap Finance, a non-banking financial company (NBFC), through a deal worth INR 207 crore. The investment, revealed earlier this week, comprises a preferential allotment of equity shares, convertible warrants, and the secondary purchase of 3.68 crore shares from TruCap's existing promoter group. With this move, MCG is set to become the new promoter, effectively phasing out the existing promoter group's shareholding. This strategic step has also triggered an open offer under SEBI regulations.
A definitive agreement has been reached by Marwadi Chandarana Intermediaries Brokers, a significant player under the Marwadi Chandarana Group (MCG), to purchase a 75% stake in TruCap Finance, an NBFC, with an INR 207 crore investment commitment. Advertisement
The structure of the deal involves a blend of capital infusion via preferential allotment of equity shares and convertible warrants, along with a secondary market transaction involving the purchase of 3.68 crore shares from TruCap's current promoter group. This development, disclosed in a stock exchange filing earlier this week, has triggered an open offer in compliance with SEBI's regulations.
As a result of this transaction, MCG will assume the role of the new promoter, with the existing promoter group exiting completely, bringing their shareholding down to zero.
TruCap noted in its regulatory communication that Marwadi Chandarana Intermediaries Brokers Pvt Ltd, an MCG entity, had finalised definitive documents for the acquisition of a controlling stake in the company.
MCG, with an estimated combined net worth of INR 2,500 crore, is a seasoned Indian conglomerate with a well-established footprint in capital markets and financial services, boasting over three decades of operational experience.
According to TruCap, this strategic collaboration is expected to bolster the company's balance sheet and enhance access to capital, enabling sustainable long-term growth.
TruCap currently operates through 117 branches predominantly located in Tier 2, Tier 3, and Tier 4 cities. The NBFC intends to maintain its focus on high-growth lending segments such as gold loans, MSME business loans, and financing for electric vehicles, with an eye on improving profitability and capital efficiency.
Commenting on the acquisition, MCG founders Ketan Marwadi and Jitubhai Chandarana conveyed that the deal, coupled with proposed equity capital support, was anticipated to create long-term value for all stakeholders-customers, employees, lenders, and shareholders. They stated that MCG's backing and the enhanced capital base are likely to strengthen TruCap's credit profile and impact its ratings positively.
Having begun its lending operations in 2018, TruCap has disbursed cumulative loans exceeding INR 5,550 crore and served over 4.46 lakh customers to date. As of the end of March 2025, the company reported an active borrower base of 65,640, with lending programmes backed by more than 40 banks and financial institutions over the past five years.
The move also reflects the growing interest of diversified financial conglomerates in niche lending segments across India's emerging towns. The complete exit of the previous promoters underscores a decisive leadership shift, one that could redefine TruCap's operational vision and growth blueprint in the coming years.
Source - PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
