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Aavas Financiers raises INR 345 crore from IFC through NCDs

Posted On: 2019-09-16 21:00:24


Aavas Financiers Limited ("Aavas"), one of India's leading affordable housing finance companies, has received an investment of INR 345 crore from IFC, a member of the World Bank Group, through issuance of Non-Convertible Debentures. Aavas will use the proceeds to grow its affordable housing finance program in the rural and semi-urban areas of Rajasthan, a lowincome state, and neighboring areas.

Aavas is a retail-focused affordable housing finance company, primarily serving low and middleincome self-employed customers. These customers make up a large proportion of India's population and have limited or no access to formal banking credit due to a lack of credit score or proven credit history.

Mr. Sushil Kumar Agarwal, Managing Director & Chief Executive Officer, Aavas Financiers, said: "Amid the ongoing liquidity crisis marring the country's financial sector, it's a great honour that our Company has successfully raised INR 345 crores from IFC through issuance of NCDs. This fund raise is in line with the Company's objective of strengthening our position in the affordable housing segment with sustainable growth. We would like to especially thank IFC for their trust and belief in the Company's robust business model."

Over 275 million people in India - 22 percent of the population - do not have access to adequate housing. This translates into a housing gap of more than 60 million units, to a large extent for lowincome households employed in the informal sector. "We have identified Aavas as one of our partners in building market confidence in the affordable housing sector. In alignment with the priorities of the Government of India, we are in this sector as a long-term investor and want to send a positive signal to the market," said Anup Kumar Agarwal, Senior Investment Officer, IFC.

To address the need for affordable housing, IFC has identified access to credit as one of its strategic priorities in South Asia and supports property developers to increase affordable housing stock and housing finance companies to increase the availability of finance.

Mr. Ghanshyam Rawat, Chief Financial Officer, Aavas Financiers, said: "IFC's investment in Aavas will be utilized for lending to low- and middle-income customers in underserved rural and semiurban areas of India. This is in line with the government's vision of Housing for All by 2022 which will help us to grow our affordable housing finance loan book. IFC's investment is a much efficient source of borrowings, as it is a longer-tenure fund. IFC has a very long-term view of India and has made investments in the critical economic areas for the Country with a view to spur growth which is inclusive, sustainable and fast. It will further deepen our reach and augment our liquidity position in today's challenging environment".

For the Quarter ended June 30, 2019, Aavas' loan book stood at INR 6,362 crore with Gross NPAs at 0.58 percent, capital adequacy ratio of 64.3 percent, and a healthy ROA of 3.2 percent. Aavas has extended more than 95,000 loans to its customers till June 2019 and has 211 branches spread across nine states as of September 30, 2018.

Shares of AAVAS Financiers Ltd was last trading in BSE at Rs.1525.75 as compared to the previous close of Rs. 1506.4. The total number of shares traded during the day was 880 in over 163 trades.

The stock hit an intraday high of Rs. 1538.9 and intraday low of 1507.55. The net turnover during the day was Rs. 1341038.


Source: Equity Bulls

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