U.S. private ‍equity ‍firm Carlyle will invest 21 billion ​rupees ($232 million) in the housing finance unit ⁠of India's Edelweiss Financial, the Indian firm ⁠said on Tuesday.

The ‌investment includes acquisition of a 45% stake and ⁠a primary equity capital infusion of 15 billion rupees in the Edelweiss unit, Nido Home Finance.

With this ⁠deal, Carlyle joins ​the likes of Blackstone and Sumitomo Mitsui Financial Group ‍in betting on India's booming housing finance ​sector.

At the end of the deal, investment funds affiliated with Carlyle Asia Partners will hold about 73% of Nido, Edelweiss said.

Nido manages assets worth 48.04 billion rupees.

Last year, Carlyle sold its decade-old investments in PNB Housing Finance ⁠and Yes Bank.

Shares ‌of Edelweiss were up around 8% at 2:20 p.m. IST ‌in Mumbai.

 

($1 = ⁠90.5130 Indian rupees)