The India Mortgage Guarantee Corporation (IMGC) today announced that Sagen MI Canada has signed a definitive agreement to acquire a stake representing approximately 31% of the Company in a primary funding round. The proposed transaction will close after receipt of customary statutory and regulatory approvals.
This will be Sagen’s first investment in India. Sagen has been operating in Canada for more than 27 years and is the private-sector residential mortgage default insurer in Canada. Sagen is owned by Brookfield Business Partners L.P, which is a group entity of Brookfield Asset Management Inc (BAM)
“This investment marks the onboarding of another marquee investor in IMGC, which currently has National Housing Bank, International Finance Corporation, Asian Development Bank, and Enact Holdings, Inc. (through its subsidiary) as its shareholders,” the company said in the release.
The proceeds will provide growth capital to the business and support the enhancement of operational and technological capabilities while maintaining a robust risk management framework.
“We are excited to be making this investment in IMGC and look forward to supporting IMGC’s growth as they continue to help first-time homebuyers achieve their dream of homeownership,” said Stuart Levings, President and CEO of Sagen.
Source: Mint