 "IPO")
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.
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