India's Kaizen Private Equity and Philippines-based Asian Development Bank (ADB) plan to buy a 20.28 percent stake in education to energy company Phinma Corp.'s education unit for 1.63 billion Philippine piso ($31.5 million).

Kaizen Private Equity and ADB inked an agreement, which was authorised by Phinma's board, to buy the newly issued shares of Phina Education Holdings.

As part of the transaction, which is still subject to certain conditions and approvals, Kaizen Private Equity and ADB will be inducted into Phinma’s board of directors.

Upon closure of the deal, expected on or before September 30, 2019, Phinma will remain the majority stakeholder of Phinma Education with 68.6 percent interest.