Global private equity firm Warburg Pincus has increased its stake in affordable housing financier Home First by 5.03 per cent, taking its total to 30.62 per cent of the paid-up equity share.
This follows a stake sale by certain existing shareholders to Orange Clove Investments BV, an affiliate of the private equity funds managed by Warburg Pincus.
"Orange Clove has purchased 5.03 per cent shares from the existing shareholders. Post the transaction, Orange Clove now owns 30.62 per cent in HFFC," said a statement issued by Home First.
The deal will help the company diversify its shareholder's base and boost their confidence. For Warburg Pincus, this an opportunity to expand its investments in the Indian financial services sector, said the statement.
Home First is a technology-driven, affordable housing finance company providing home loans to customers from low- and middle-income groups. Over the last 10 years, the company has sanctioned home loans to more than 50,000 customers in 60 districts across 11 states and one union territory.
As on September 30 last year, Home First had Rs 3,730 crore of assets under management and Rs 988 crore of net worth.
( With inputs from ANI )
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