Latest news with #Norwest
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Business Standard
15-05-2025
- Business
- Business Standard
Norwest leads ₹1,465 cr investment in IKF Finance to boost growth
Private equity fund Norwest on Thursday announced that it has led a Rs 1,465-crore investment in the Hyderabad-based non-bank lender IKF Finance. The investment includes both primary share issuances and also secondary transactions, according to a statement. Norwest has led the round with a USD 100 million or about Rs 850 crore investment, it said. The company, founded in 1991, operates in nine states, offering secured retail loans and credit for small businesses. It also gives loans against property and affordable home finance through a home finance subsidiary. It had a loan book of Rs 6,700 crore as of March 2025. The company is backed by Accion and its limited partners, it said, adding that existing investor Motilal Oswal PE has also invested in the current round. "This is our largest fundraise to date and a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities," the company's founder and chairman VGK Prasad said. The company will accelerate financing, and invest in distribution, technology, and people, its managing director K Vasumathi Devi said. "Backed by an experienced leadership team, strong governance, and a consistent track record, IKF is well positioned to continue meeting the needs of Indian borrowers," head of Norwest India Niren Shah said.
Mint
15-05-2025
- Business
- Mint
IKF Finance raises ₹1,465 crore from Norwest and Motilal Oswal Alternates
IKF Finance, a non-banking financial company based in Hyderabad, has raised around ₹ 1,465 crore ($175 million) from global investment firm Norwest and existing investor Motilal Oswal Alternates, the company announced on Thursday. The round, IKF's largest to date, included both primary capital and a secondary component, it added. Mint first reported in September 2024 that IKF's promoters and investors were exploring a controlling stake sale that could value the company at $200-250 million. The company did not confirm its valuation after the round. Norwest led the latest round with an investment of more than $100 million. MO Alternates, which first invested in IKF in 2015, has reinvested 'post making stellar returns', the company said. Founded in 1991 by V.G.K. Prasad, IKF Finance operates across nine Indian states, offering secured loans including used commercial vehicle loans and financing for micro, small and medium enterprises (MSMEs). Its subsidiary, IKF Home Finance, provides affordable housing loans and loans against property. As of March 2025, the company had a loan book of about ₹ 6,700 crore. Promoters held a 42.84% stake as of 31 December, followed by two funds (India Business Excellence Fund II – 11.12%, and IIA – 18.60%) managed by Motilal Oswal Private Equity. As much as 7.96% of the company is held by Accion Digital Transformation Fund, and another 7.96% by Teachers Insurance and Annuity Association of America. 'This is a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities,' said Prasad. The company plans to use the funds to strengthen its distribution network, and invest in technology and people to scale its lending operations to a wider range of customers, according to K. Vasumathi Devi, managing director, IKF Finance. 'Our investment reflects strong confidence in IKF's responsible lending track record, governance, and deep commitment to underserved borrowers,' said Nikhil Kookada, principal at Norwest.
Mint
15-05-2025
- Business
- Mint
IKF Finance raises ₹1,465 crore from Norwest and Motilal Oswal Alternates
IKF Finance, a non-banking financial company based in Hyderabad, has raised around ₹ 1,465 crore ($175 million) from global investment firm Norwest and existing investor Motilal Oswal Alternates, the company announced on Thursday. The round, IKF's largest to date, included both primary capital and a secondary component, it added. Mint first reported in September 2024 that IKF's promoters and investors were exploring a controlling stake sale that could value the company at $200-250 million. The company did not confirm its valuation after the round. Norwest led the latest round with an investment of more than $100 million. MO Alternates, which first invested in IKF in 2015, has reinvested 'post making stellar returns', the company said. Founded in 1991 by V.G.K. Prasad, IKF Finance operates across nine Indian states, offering secured loans including used commercial vehicle loans and financing for micro, small and medium enterprises (MSMEs). Its subsidiary, IKF Home Finance, provides affordable housing loans and loans against property. As of March 2025, the company had a loan book of about ₹ 6,700 crore. Promoters held a 42.84% stake as of 31 December, followed by two funds (India Business Excellence Fund II – 11.12%, and IIA – 18.60%) managed by Motilal Oswal Private Equity. As much as 7.96% of the company is held by Accion Digital Transformation Fund, and another 7.96% by Teachers Insurance and Annuity Association of America. 'This is a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities,' said Prasad. The company plans to use the funds to strengthen its distribution network, and invest in technology and people to scale its lending operations to a wider range of customers, according to K. Vasumathi Devi, managing director, IKF Finance. 'Our investment reflects strong confidence in IKF's responsible lending track record, governance, and deep commitment to underserved borrowers,' said Nikhil Kookada, principal at Norwest. Moelis & Company and Unitus Capital acted as financial advisors to IKF Finance. Cyril Amarchand Mangaldas served as legal counsel to IKF and MO Alternates, while Shardul Amarchand Mangaldas advised Norwest.
Time of India
15-05-2025
- Business
- Time of India
Norwest leads Rs 1,465 cr investment in IKF Finance
Private equity fund Norwest on Thursday announced that it has led a Rs 1,465-crore investment in the Hyderabad-based non-bank lender IKF Finance . The investment includes both primary share issuances and also secondary transactions, according to a statement. Norwest has led the round with a USD 100 million or about Rs 850 crore investment, it said. The company, founded in 1991, operates in nine states, offering secured retail loans and credit for small businesses. It also gives loans against property and affordable home finance through a home finance subsidiary. It had a loan book of Rs 6,700 crore as of March 2025. The company is backed by Accion and its limited partners, it said, adding that existing investor Motilal Oswal PE has also invested in the current round. Continue to video 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo "This is our largest fundraise to date and a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities," the company's founder and chairman VGK Prasad said. The company will accelerate financing, and invest in distribution, technology, and people, its managing director K Vasumathi Devi said. Live Events "Backed by an experienced leadership team, strong governance, and a consistent track record, IKF is well positioned to continue meeting the needs of Indian borrowers," head of Norwest India Niren Shah said.
News.com.au
04-05-2025
- Business
- News.com.au
Kristie Batten: Could this be the most undervalued gold project in WA?
One of Australia's top mining journalists, Kristie Batten writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. Gold explorer Norwest Minerals (ASX:NWM) has been flying under the radar but that might be about to change after a couple big weeks for the company. The company has been reasonably low key, but the stars appear to be aligning, which should result in an increase in news flow in the coming months. Norwest owns the Bulgera gold project in Western Australia's Mid West region, situated on the same greenstone belt that hosts Catalyst Metals' (ASX:CYL) producing Plutonic gold mine about 40km away. The company picked Bulgera up in 2019 for about $230,000 and Norwest CEO Charles Schaus believes it is the most undervalued gold project in WA. Bulgera has a resource of 6.3 million tonnes at 1.07 grams per tonne gold for 217,600 ounces. At a gold price of $5000 an ounce, that equates to more than $1 billion of gold in the ground – a tantalising prospect for a company with a market capitalisation of just $8.8 million as of Friday's close. When Catalyst started consolidating the Marymia belt around Plutonic, Norwest decided to apply for a mining lease for Bulgera. After a two-year wait, that mining lease was granted last month. 'It's a huge step toward production, because you can't move a tonne unless you have a mining lease,' Schaus told Stockhead. Fresh eyes Norwest hasn't drilled a hole at Bulgera since 2021 and last completed a pit optimisation in 2022 when the gold price was around $2500/oz. 'When we modelled that mineralisation back in early 2022, there was a lot of what we call mineralised waste sitting between surface and 20m, and the model didn't capture that because it was considered waste,' Schaus said. 'Fast forward to 2025 and the gold price has doubled – all of that mineralisation is now economic.' Last week, Norwest started the process of remodelling the mineralisation. 'We're going to see this big increase in near-surface tonnage,' Schaus said. 'We should run pit designs now at $4000 or $4500 and that is going to drive those pits deeper, but it's also going to grab all that new mineralisation sitting at the surface.' Bulgera also hosts a 2.2Mt stockpile dating back to 2004, when the project was last mined. Norwest believes the stockpile grades around 0.25-0.5g/t gold. 'From the late 1990s to 2004 there was about 440,000 tonnes of easy-to-grab higher-grade oxide taken from the Bulgera area and trucked down to the Plutonic mine to blend with their hard underground material,' Schaus said. 'In 2004, a tonne of material going at 1 gram was only worth $16. Now, a tonne going at 1 gram is worth $160. 'That 2.2 million tonnes of waste, at $160 a gram, one tonne of that may be worth $80 and you don't have to mine it, so we have that just sitting there.' Norwest plans to weigh up processing options. While Plutonic is the obvious home for any ore from Bulgera, the high gold price means it can be trucked further. Funded for drilling Last week, Norwest launched a one-for-one non-renounceable entitlement offer to raise $4.85 million at 1c per share. Major shareholders Chaleyer Holdings and Fortress Minerals are underwriting the offer to $3m, while directors and major shareholders have committed to take up their full allocations totalling $1.62m. Schaus said the cash would allow the company to have a real crack at Bulgera in what will be the first meaningful work on the ground in years. 'While we're doing the work and announcing the new model and the new pit designs, we'll also take that $4.85m and start drilling,' he said. 'We'll be drilling near the surface to bring the inferred to indicated, bring the indicated to measured, but also, sitting below that big oxide zone are six lodes. 'Basically, the weathering of these lodes has come together, made this big oxide area, and then below we have these lodes that basically extend down below. 'We've only drilled one of the lodes, which we coincidentally called the Bulgera lode, and we drilled that down to 550m back in 2021. 'It's a shear zone. It kept going – and that holds 89,000 ounces by itself, so we've still got another five to test.' The company has all approvals in place to drill and will kick off the program shortly.
