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Aavas Financiers raises Rs 520 crore from anchor investors

Devdiscourse News Desk
Updated: 24-09-2018 23:33 IST

Housing finance company Aavas Financiers Monday raised Rs 520 crore from the anchor investors, ahead of its initial share sale tomorrow.

The company has allotted 63.36 lakh equity shares at Rs 821 per scrip to 34 anchor investors aggregating to Rs 520.22 crore, Aavas Financiers said in a statement.

Among the anchor investors are AU Small Finance Bank, Abu Dhabi Investment Authority - Behave, DSP BlackRock Tax Saver Fund, Kotak Funds - India Midcap Fund, Wasatch Emerging India Fund, HSBC Global Investment Funds - Indian Equity, Bajaj Allianz Life Insurance Company, SBI Life Insurance Company, and Morgan Stanley India Investment Fund.

The price band for the initial public offer (IPO), which will open on September 25-27, has been fixed at Rs 818-821 per equity share.

The shares will be listed on BSE and NSE.

The IPO comprises of a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.62 crore equity shares.

Through offer for sale, Lake District Holdings will sell 88.15 lakh shares, Partners Group ESCL will be disposing of 42.81 lakh shares and Kedaara Capital Alternative Investment Fund will offload 2.36 lakh shares.

Partners Group Private Equity Master Fund LLC will sell 18.79 lakh shares, while Aavas Financiers' founder and CEO Sushil Kumar Agarwal will put 9.11 lakh shares on sale.

The book running lead manager to the offer is HDFC Bank.

Aavas Financiers offers housing loans to customers from low and middle-income segments in semi-urban and rural areas.