IFC to invest Rs. 80 crore in Indian Mortgage Guarantee Company
World Bank’s private sector lending arm, International Finance Corporation (IFC) has agreed to invest Rs. 80 crore in Indian Mortgage Guarantee Company (IMGC) for 8 per cent stake in the company thus valuing the firm at Rs. 1000 crore.
IMGC will launch a mortgage product tat will allow partial transfer of mortgage default risk to the insurance companies and other institutional investors thus providing risk diversification to the banking system.
The two main sponsors for IMGC, National Housing bank (NHB) and United Guaranty Corporation (UGC) will hold 43 per cent and 41 per cent stake in the company respectively. Apart from these, IFC and Asian Development Bank (ADB) will pick up 8 per cent each. The total aggregate capital commitment for the company is estimated to be Rs. 1000 crore.
Source: BS
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