IHFLIN: Because it‘s all IHC now

Research evidence excerpt

IHFLIN: Because it‘s all IHC now

the current 28.5% to 43.5%.

The transaction, which represents one of the largest foreign direct investments in India’s NBFC

sector, positions IHFLIN as IHC’s flagship financial-services platform in India under Judan

Financial (IHC's dedicated financial services platform) while also introducing a well-capitalised

strategic shareholder with global institutional relationships. Importantly, the transaction also

transforms IHFLIN from a promoter-less institution into a sponsor-backed NBFC with enhanced

governance, stronger capital support and improved funding flexibility. We believe this positions

the company less as a legacy wholesale housing financier and more as a recapitalised retail

lender with a cleaner balance sheet, stronger ownership profile and a more credible platform

for future growth.

Shareholding structure: IHC as a promoter shareholder

As of March 2026, Avenir Investment RSC Ltd, which is a wholly owned subsidiary of IHC, holds a

28.5% stake in IHFLIN and is classified as the company’s promoter group company. Foreign

institutional investors (17.8%); mutual funds, banks and insurance companies (12.6%);

employee welfare trust (1.4%); and public shareholders (39.7%) hold the remaining shares in

IHFLIN. Upon conversion of the outstanding warrants by September 2027, IHC’s stake is

expected to increase to 43.5%. IHFLIN is listed on the two primary Indian stock exchanges and

has a market capitalisation of c.INR186.3bn (c.USD1.9bn).

Following the completion of its investment, IHC has direct board representation and operating

oversight of IHFLIN. In addition to its promoter status. IHC’s group CFO, Alwyn Crasta, has joined

the board as a nominee director, while Dalia Khorshid, who is the CEO of Avalora Holding (IHC’s