Aavas Financiers limited Strengthens Liquidity Position with National Housing Bank (NHB) Refinance Assistance of Rs. 500 Crores
Deepthi | Myequity news | Date : 28-12-2018 19:59:00 IST
Aavas Financiers limited (Aavas), Jaipur based Affordable housing Finance company has received fresh Refinance Assistance of Rs. 400 Crores in addition to the approval of undrawn limit of Rs. 100 Crores 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 INR 200 Crores from CDC Group through issuance of Rupee Denominated Masala Bonds.
The NHB funds are for tenure up to 15 years which will provide a strong boost to our 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. Mr. Ghanshyam Rawat, Co-Founder & CFO, Aavas Financiers
Mr. Sushil Kumar Agarwal, Whole Time Director & Chief Executive Officer, Aavas Financiers, said “NHB continues to repose their faith in our Business Model to cater the unserved and unreached customer segment in rural and semi urban areas which are the major thrust areas of NHB and Government. We continue to maintain strict discipline in our lending activities in our quest to achieve higher scale in Affordable Housing segment in India. We express our sincere gratitude to NHB for their continued assistance”.
, said “NHB long term Refinance Assistance facility help us in maintaining the Positive ALM gap. Such long-term funds will help in fulfilling our objective of growing the affordable housing segment in the country. At Aavas, we are well positioned to be the partner of the growing aspirations of semi-urban and rural Indian in full filling their life time Dream to own a home”. About Aavas Financiers Limited
Aavas Financiers Limited (erstwhile Au Housing Finance Limited) was incorporated as a subsidiary of Au Financiers (India) Limited (now Au Small Finance Bank (“AuSFB”)) in February 2011 for providing housing finance in rural and semi-urban areas. AuSFB divested its majority stake in Aavas to private equity investors – Kedaara Capital and Partners Group – in June 2016 to fulfill the Reserve Bank of India’s criteria for conversion to a small finance bank.