Warburg ups stake in IPO-bound Home First Finance to 30.62 pc
- Country:
- India
Private equity major Warburg Pincus on Thursday said it has increased its stake in IPO-bound mortgage lender Home First Finance Company by 5 per cent to 30.62 per cent.
It, however, did not reveal the financial details for the transaction which had recently received RBI approval.
The private equity major has acquired the stake from existing shareholders of the financier, as per an official statement.
''This transaction will help Home First diversify its shareholder's base and boost stakeholder's confidence in the growth of the company,'' as per the statement.
It can be noted that recent media reports have suggested that the company, which also counts on Warburg's peers True North and GIC among its shareholders, is looking for an over Rs 1,000 crore initial public offering (IPO) sometime soon.
The statement said Warburg Pincus considers this as a great opportunity to expand its investments in the financial services sector in India and believes that the existing association will help Home First to further strengthen its financial position and growth prospects.
The 2010-founded Home First has a significant presence in the urbanized regions of Gujarat, Maharashtra, Karnataka and Tamil Nadu and has sanctioned over 50,000 home loans.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
PM Modi lays foundation for 3 semiconductor plants, 2 in Gujarat, 1 in Assam
Stone-pelting on bus after 2 groups quarrel over temple loudspeaker volume in Maharashtra
Tata Group to start semiconductor chips production from Gujarat, Assam plants by 2026
WPL 2024: Gujarat Giants win toss, opt to bat against Delhi Capitals
Eyeing to host Olympic games, Gujarat CM reviews state's preparedness