(Bloomberg) -- Fullerton Financial Holdings Pte. is considering selling a stake in a shadow bank in India that it fully owns, according to people familiar with the matter.
Fullerton Financial, a subsidiary of Singapore’s Temasek Holdings Pte., is working with an adviser on the partial divestment of Fullerton India Credit Co., said the people, who asked not to be identified as the discussions are private. The owner aims to raise about $350 million from a sale, one of the people said.
There hasn’t been a final decision on the size of the deal and Fullerton Financial could still decide against a transaction, the people said. A representative for Fullerton Financial didn’t immediately respond to requests for comment.
Fullerton India, started in 2007, provides financing from personal loans to lending backed by property and vehicles, according to its website. The company has nearly 650 branches across India with about 14,000 employees and a net worth of 44 billion rupees ($612 million), its latest presentation shows. The shadow bank posted a 4.4 billion rupees after-tax profit in the first half of the financial year 2020, a 29% increase from the same period last year.
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