Money Matters Financial Services Ltd has entered into a strategic arrangement with Chicago-based Capri Capital Partners to set up a realty-focused asset management company (AMC) in India.
This company will be a 50:50 joint venture, P.H. Ravikumar, Managing Director, Money Matters Financial Services, told Business Line .
Money Matters, a non-banking finance company, is awaiting new guidelines from market regulator SEBI on the revised minimum capitalisation norms for AMCs.
The Securities and Exchange Board of India recently indicated that it may revise the said norms for AMCs. The objective behind such a revision could be to discourage non-serious players.
Meanwhile, Money Matters is in the process of changing its name to Capri Global Capital Ltd.
“The Reserve Bank’s nod has been obtained for changing the company’s name. Shareholder approval is being sought. We are hopeful that approval from the Registrar of Companies will also be in place by the end July or August first week,” Ravikumar said.
Ravikumar said talks were on between Money Matters and Capri Capital Partners to see how the latter could participate in the equity capital of the non-banking finance company.
Quintin E Primo III, Chairman and Chief Executive Officer of Capri Capital Partners, will be offered a director’s seat in the board of Money Matters, it is learnt.
“Price disparity issues are being sorted out,” Ravikumar said.
Money Matters is currently focused on two verticals — loans to small enterprises and real estate development. “By the end of this year, we hope our small enterprises’ book will be bigger than the real estate book,” he said.