Private equity investor Avendus Future Leaders Fund III (FLF), which is part of the Avendus Group, bought shares of Parag Parikh Financial Advisory Services (PPFAS) worth around Rs 140 crore from its promoters, Neil Parag Parikh and Khushboo Joshi.
Avendus’ investment in PPFAS was done through a secondary transaction to acquire just under a 1% stake in one of India’s largest mutual fund houses. It bought the stake from Neil Parag Parikh, Chairman and Chief Executive Officer of PPFAS, and Khushboo Joshi, President of Wealth Management at the company.
