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Home >Companies >News >AU Small Finance Bank sells 4.46% stake in Aavas Financiers for 530 crore

Mumbai: Jaipur based AU Small Finance Bank Ltd on Monday sold 35 lakh shares or 4.46% in mortgage financier Aavas Financiers Ltd for 530 crore in an open market transaction.

According to bulk deal data on BSE, AU Small Finance Bank Ltd sold 35 lakh shares or 4.46% of Aavas Financiers at Rs1,515.16 apiece, aggregating to 530.31 crore.

As per the latest shareholding pattern, AU Small Finance Bank Ltd held 4.57% in the firm.

Nomura India Investment Fund Mother Fund, SBI Life Insurance Company Ltd bought 1.15% and 0.84% stake in Aavas Financiers Ltd for 136.35 crore and 99.99 crore respectively.

Aavas Financiers, earlier known as Au Housing Finance was sold to private equity firms Kedaara Capital and Partners Group by its parent Au Small Finance Bank in 2016. Aavas listed on stock exchanges in 2018.

In August, Partners sold a 361 crore stake in the lender through a block deal. Earlier in February, Kedaara Capital had sold part of its Aavas stake for 666 crore.

Aavas Financiers Ltd reported a net profit for the second quarter ended September 2020 at 66.04 crore, against 76.03 crore for the corresponding quarter of the previous year. Total income stood at 270.45 crore, for the September quarter registering an increase of 16.9% year-on-year.

Shares of Aavas Financiers gained 2.3% to close at 1527.05, while the benchmark index, Sensex rose 0.44% to close at 44,077.15 points on Monday on BSE.

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