Aavas Financiers rose 3.44% to Rs 848.35 at 14:59 IST on BSE after the company said it received fresh refinance assistance of Rs 400 crore from the National Housing Bank.
The announcement was made after market hours on Friday, 28 December 2018.Meanwhile, the S&P BSE Sensex was up 32.68 points, or 0.09% to 36,109.40.
On the BSE, 3966 shares were traded in the counter so far compared with average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 846 and a low of Rs 820.85 so far during the day.
Shares of Aavas Financiers were listed on the stock exchanges on 8 October 2018. The stock debuted at Rs 758, a discount of 7.67% to the initial public offer (IPO) price of Rs 821.
Aavas Financiers (Aavas), Jaipur-based affordable housing finance company, has received fresh refinance assistance of Rs 400 crore in addition to the approval of undrawn limit of Rs 100 crore pertaining to previous year, in December 2018. Such refinance assistance will further strengthen liquidity position of the company, post the successful round of fund raise of Rs 200 crore from CDC Group through issuance of rupee denominated masala bonds. The National Housing Bank (NHB) funds are for a tenure up to 15 years which will provide a strong boost to the firm's retail home loan lending activities in semi-urban and rural areas. Such refinance facility will be disbursed in accordance with the norms of refinance schemes of NHB.
Net profit of Aavas Financiers rose 7.33% to Rs 35.28 crore on 28.04% rise in total income to Rs 163.95 crore in Q2 September 2018 over Q2 September 2017.
Aavas Financiers was incorporated as a subsidiary of Au Financiers (India) (now Au Small Finance Bank) in February 2011 for providing housing finance in rural and semi-urban areas. The company primarily provides affordable home loans to customers in the semi-urban and rural areas, targeting self-employed and salaried customers in the informal segment, who otherwise have limited access to formal lending channels.
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