पत्रिका जगत Positive Journalism
Jaipur: 02nd January 2019: 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 a 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. 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”.
Mr. Ghanshyam Rawat, Co-Founder & CFO, Aavas Financiers, 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. In October 2018, Aavas completed its IPO listing on the National Stock Exchange of India Limited and BSE Limited. For more information, visit www.aavas.in
Aavas 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. The company’s product offering consists of home loans for purchase or construction or residential properties, and for the extension and repair of existing housing units. The Company has a fully in-house sourcing model leading to superior business outcomes. The company operates in eight states (Rajasthan, Maharashtra, Madhya Pradesh, Gujarat, Chhattisgarh, Haryana, Delhi and Uttar Pradesh) and has a long-term credit rating A+ (Positive) by ICRA and CARE.
| Safe Harbor Statement |
This document may contain forward-looking statements about the Company, which are based on the beliefs, opinions and expectations of the Company’s management as the date of this press release and the companies do not assume any obligation to update their forward looking statements if those beliefs, opinions, expectations, or other circumstances should change, These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements.
