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Earlier this week, the promoters of Home First Finance, an affordable housing finance company, divested a combined 19.6% stake in the company for INR 1,728 crore through open market transactions. The sellers included Aether Mauritius Ltd, True North Fund VLLP, and Orange Clove Investments BV, an affiliate of Warburg Pincus. The bulk deal data revealed that Orange Clove sold 10.6% of shares, True North Fund sold 5.4%, and Aether Mauritius sold 3.6%. After the sale, the holding of Warburg Pincus, True North, and Aether Mauritius reduced significantly. Several large investors, including HDFC Mutual Fund and Goldman Sachs, acquired a 12.6% stake in Home First Finance. The share price rose by 2.10%, closing at INR 1,074.55 on the BSE.
The promoters of Home First Finance, a prominent affordable housing finance company, recently offloaded a combined 19.6% stake in the company for INR 1,728 crore through open market transactions. The shares were sold by Aether Mauritius Ltd, True North Fund VLLP, and Orange Clove Investments BV, an affiliate of Warburg Pincus. According to bulk deal data available on the exchange, Orange Clove Investments sold 94.42 lakh shares, or 10.6% of the company, while True North Fund divested 48.09 lakh shares, representing 5.4%. Aether Mauritius sold 32.06 lakh shares, which equates to a 3.6% stake. Advertisement
The shares were sold in a price range of INR 990-990.05 each, bringing the total value of the transactions to INR 1,728.48 crore. Following this sale, the holding of Warburg Pincus through Orange Clove Investments has dropped to 12.3% from 22.9%, while True North's stake has decreased from 14.07% to 8.67%. Additionally, Aether Mauritius's shareholding in Home First Finance has fallen from 9.31% to 5.71%.
A significant portion of the shares was acquired by institutional investors, including HDFC Mutual Fund, Goldman Sachs, Prudential Hong Kong, Citigroup Global, and others, who collectively purchased 1.12 crore shares, representing 12.6% of the company. These shares were acquired in the price range of INR 989.98-990 each, totalling INR 1,110.43 crore.
On the same day, the shares of Home First Finance saw an uptick of 2.10%, closing at INR 1,074.55 on the BSE. This positive movement follows a similar stake sale that occurred in November of the previous year when the same promoters sold a 9.8% stake in the company for INR 753 crore.
The recent divestment by Home First Finance's promoters has resulted in a significant reduction in their stakes, with Warburg Pincus, True North Fund, and Aether Mauritius all seeing their holdings drop. The transaction has attracted notable institutional investors, boosting the company's share value, which saw a rise of 2.10%. The sale of 19.6% of Home First Finance for INR 1,728 crore highlights the ongoing interest in the affordable housing finance sector. The overall market response has been positive, reflecting confidence in the company's future performance.
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