ICL Fincorp to acquire Salem Erode Investments

CHENNAI: Kerala-based ICL Fincorp has announced to acquire Kolkata-based non-banking finance company Salem Erode Investments Limited, through a share purchase agreement of 74.27% of the company’s stake.
The company which focuses on gold loan has proposed to release public issue of secured Non-Convertible Debentures (NCD) by the end of FY 2019-20, for Rs 100 crore. ICL Fincorp has obtained trade licence in Dubai, United Arab Emirates in the similar trade name ICL Fincorp, as part of company’s overseas expansion plan.
K G Anilkumar, chairman and managing director of ICL Fincorp, said, “We aim to be a small finance bank via reverse merger in couple of years.We already have over 28 branches in Tamil Nadu and aim to achieve 100 branches in two years.”
Apart from Kerala, Tamil Nadu, Karnataka, Telangana and Andra Pradesh, ICL Fincorp also going ahead with its expansion plans on the northern region.
ICL, founded in 1991 is headquartered at Irinjalakuda in Trichur district of Kerala.