MUMBAI, 26th MAY 2025 (GPN): Marwadi Chandarana Intermediaries Brokers Private Limited (“Acquirer”), an entity of Marwadi Chandarana Group (“MCG”) has entered into definitive documents to acquire a majority stake (approximately 75%) in TruCap Finance Limited (“TruCap”), a non-banking financial company. This investment will trigger an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

MCG Group is a diversified Indian conglomerate with a strong presence in capital markets and financial services for over 30 years, and active interests in education and renewable energy. The Group has a combined net worth of approximately Rs. 2,500 crore. The proposed transaction entails a capital infusion into the company of an aggregate of approximately Rs. 207 crores via a combination of preferential allotment of equity shares and
convertible warrants, and a secondary purchase of 3,68,00,220 shares from the existing promoter group of TruCap. Following the completion of this investment, which is subject to receipt of necessary regulatory approvals and fulfilment of certain conditions precedent by the existing promoters, The Acquirer will be classified as the new ‘Promoter’ of TruCap, while the
existing promoter group’s stake will reduce to Zero.

This transaction marks a significant milestone in TruCap’s journey and will result in a stronger balance sheet with formidable access to capital for sustainable growth in future years. With anetwork of 117 branches spread largely across Tier 2, Tier 3 and Tier 4 towns, TruCap will continue to focus on enhancing growth, profitability and capital efficiency through Gold Loans, MSME Business Loans and Electric Vehicles Financing.

Commenting on the transaction, the founders and promoters of the Marwadi Chandarana Group – Mr. Ketan Marwadi and Mr. Jitubhai Chandarana mentioned, “MCG Group places a strong emphasis on the value of TruCap’s existing branch network and employee base. This acquisition, along with the proposed equity capital infusion, is expected to deliver long-term value to all stakeholders — including customers, employees, lenders, and shareholders. The improved capital strength and MCG Group’s backing are likely to positively influence TruCap’s credit profile and ratings. This acquisition expands MCG Group’s presence in financial services space and reflects our continued commitment to growth and innovation.”

Since commencing lending operations in 2018, TruCap has cumulatively disbursed more than Rs. 5,550 crores and served ~4,46,450 customers. As of 31st March 2025, TruCap’s active borrower base stands at ~65,640 and the company’s lending programs have been supported by more than
40 banks and financial institutions over the past five years.