June 4, 2012 / 7:20 AM / in 6 years

Warburg Pincus to buy India's Future Capital: source

MUMBAI (Reuters) - U.S. private equity firm Warburg Pincus LLC WP.UL has agreed to buy a controlling stake in Indian financial services company Future Capital Holdings FCHL.NS for 5.5 billion rupees ($98.8 million), a source with direct knowledge said on Monday.

Warburg will pay 162 rupees per share, an 18 percent premium to Future Capital’s Friday closing price, for a 53.7 percent stake.

Future Capital, which is currently controlled by Pantaloon Retail PART.NS, is a non-banking finance company that gives consumer and mortgage loans and has a market capitalisation of $158.4 million.

Reporting by Nandita Bose

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