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Akme Star Housing Finance Limited appoints Mr. A P Saxena to the Board

Posted On: 2021-04-19 13:16:21 (Time Zone: UTC)

Akme Star Housing Finance Limited (Akme Star HFC), a BSE listed housing finance company operational in affordable housing finance space has appointed Mr. A. P. Saxena, an ex-NHB official as non executive independent director on the Board of the Company.

Mr. Saxena has three decades of experience having served at the NHB through his career and retired as a General Manager. He has been actively engaged in the areas of regulation and supervision of Housing Finance Companies and has a strong knowledge domain in areas of risk management, policy formulation, statutory/regulatory compliance and corporate governance. He was on the Board of CERSAI as a nominee director of the NHB.

Mr. Saxena has also been associated with inter regulatory meetings with RBI, SEBI, IRDAI that discussed/deliberated on regulatory and compliance aspects of NBFCs/HFCs. Mr. Saxena is a post graduate in statistics and has an MBA degree from Faculty of Management Studies, University of Delhi. He has also worked with the Central Govt. as an officer of Indian Statistical Service at the beginning of his career.

Mr. Saxena's appointment is a part of the overall transformation that Akme Star HFC has been undergoing post capital infusion by ARKFIN Investments Private Limited, an institutional investor in BFSI space.

Akme Star HFC has been operational in south Rajasthan since a decade providing low ticket housing finance assistance to first time home buyers in EWS segment. The transformation process initiated in the HFC has resulted in geographical expansion to presence across 5 states, 7 branches and 15 digital PoPs; on boarding of experienced manpower across branches and head office; deployment of core lending solution aided by mobility; strengthening of liability franchise and strengthening of corporate governance through on boarding of reputed and experienced professionals to the Board of Company.

Speaking on the occasion, Mr. Ashish Jain, Managing Director of Akme Star HFC said, "We are extremely happy to have Mr. A P Saxena joining the Board of the Company. This is a significant step in becoming a board driven company. Mr. Saxena comes with rich experience in regulatory space especially in risk and compliance. His guidance and oversight will help Akme Star HFC to bolster the overall risk framework and corporate governance. This becomes extremely important towards having a strong platform for growth backed by quality in coming years. We welcome Mr. Saxena and look forward to be guided by his experience."

Shares of Akme Star Housing Finance Ltd was last trading in BSE at Rs.80.4 as compared to the previous close of Rs. 80.9. The total number of shares traded during the day was 31618 in over 71 trades.

The stock hit an intraday high of Rs. 81 and intraday low of 78. The net turnover during the day was Rs. 2541878.

Source: Equity Bulls

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