Calcutta, July 5: The Apeejay Surrendra group has sold a 75 per cent stake in its auto finance subsidiary, Apeejay Finance Pvt Ltd, to Societe Generale of France and Gaurav Burman of Dabur.

Though the company has refused to divulge the amount it would receive from the stake sale, sources said the two investors together would pay Rs 100 crore to the group, which would still own 25 per cent of the finance arm.

The company has also not revealed the individual stake holding of the two investors in Apeejay Finance.

According to sources, Burman is likely to pick up a 25 per cent stake, while 50 per cent will go to Societe Genarale.

The stake sale, however, is yet to get all regulatory approvals.

On June 30, Apeejay Finance had an outstanding loan portfolio of 100 million euro or Rs 590 crore.

“The strategic partnership will add value to funding processes and distribution network. This will drive the performance of Apeejay Finance to new heights,” said Karan Paul, chairman of the Apeejay Surrendra group.

The acquisition gives Societe Generale an exposure to the fast growing consumer credit market in India.

The French financial conglomerate, however, is present in the country through a strategic alliance with State Bank of India Mutual Fund.

The city-based Paul family has been on the lookout for strategic investors in its businesses that range from real estate and stock broking to hospitality and shipping.

“We are in talks with prospective investors of Apeejay Finance for quite some time. The deal was signed only on June 30,” said a company official.

New York-based Burman, vice-president of Dresdner Kleinwort Capital and the principal of private equity investment company Promethean Investments, and Societe Generale of France will together pick up the 75 per cent stake that the Pauls are divesting in Apeejay Finance.

Meanwhile, the Apeejay group is selling its stock broking subsidiary, Apeejay Securities, to IL&FS Investmart. The IL&FS Investmart board has approved the acquisition and the deal could be sealed before the board meets again on July 17.

IL&FS is likely to pay Rs 50 crore for buying out Apeejay Securities, which has 5,000 clients and 75 employees on its rolls.