New Zealand’s Legatum invests Rs 100 cr in microfinance company

Legatum is a global investment firm that holds a stake in ICICI. The deal, announced on Tuesday, will give Legatum a majority interest in Share Mircofin. “Legatum’s investment will help to provide the scale necessary to lower costs and increase choices for India’s rural poor. We also hope that it will stimulate awareness and further investment in the microfinance sector world-wide,” said Mark Stoleson, president of Legatum.

According to Legatum, share currently reaches one million people through microfinance loans, and this investment will help them reach upto five million people. “With this investment, Share will be able to reach even more people in rural communities and provide access to low cost financial services,” said Udaia Kumar, chairman of Share.

Anurag Agarwal, Intellecap’s vice-president of investment advisory services, said: “Legatum came to us looking to invest in an MFC in India. We were already working with Share, and recommended them to Legatum after studying them.”