Lex Favios advised private equity fund Multiples Alternative and a group of former senior bankers on its investment of more than $10 million in Vastu Housing Finance Corp, a non-banking financial company (NBFC) in Mumbai, India.

The money will go towards relaunching the NBFC and buying a 95% stake in it. Vastu is also looking to raise another $60 million over the next four years to fund its growth. As well as Multiples Alternatives, the other key investors are three former bankers Pramod Bhasin, Samir Bhatia and Vikram Gandhi along with the founders PH Ravikumar, former chief executive officer of NCDEX (National Commodities and Derivatives Exchange), and Sandeep Menon, a former banker with Barclays and Standard Chartered.

Lex Favios acted as the legal counsel to the promoters and new management of Vastu Housing Finance Corp in this transaction, assisting in the drafting and negotiation of the share subscription agreement, share purchase and shareholders’ agreements, and related agreements. The Lex Favios team was led by Sumes Dewan, managing partner along with Yeshika Dublish, senior associate.