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Federal Bank vying to buy MFI Madura Microfinance

Federal Bank has initiated talks to acquire Madura Microfinance. The price that the bank is said to have quoted for the MFI is around Rs 700 crore. According to news reports the deal will be a cash and share-swap one. Madura Microfinance is backed by Mauritius PE firm Elevar Equity Mauritius. Based in Chennai, it is promoted by an NRI, neuro scientist Tara Thiagarajan. It has a loan portfolio of Rs12 billion. The acquisition is expected to give Federal Bank a 250-plus rural and semi-urban branch network in Tamil Nadu, Maharashtra, Karnataka, Kerala, Bihar and Odisha. It will also help the bank to be present in the MFI space and increase its share of priority sector loans.

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