Aavas Financiers: SBI MF, Amansa Capital Invest Rs 1,186 Crore After Promoters Pare Stake

SBI Mutual Fund Ltd. and Singapore-based Amansa Capital Pte. invested Rs 1,186 crore in Aavas Financiers Ltd. after promoter entities pared stakes in the housing financier.

SBI Mutual Fund bought 63 lakh shares, representing 7.96% equity, for Rs 863 crore via open market deals on Tuesday. Amansa Holdings mopped up 23.59 lakh shares or 2.98%, for Rs 323 crore.

Aavas Financiers' promoter entities, Lake District Holdings, offloaded 58.39 lakh shares (7.38%), while Partners Group sold 41.57 lakh shares (5.25%). The transactions aggregate to Rs 1,370 crore. The two had a combined 39.11% shareholding in the company as of December.

The shares were bought and sold at Rs 1,370 apiece, as per bulk deal data on the NSE.

Last week, Jefferies said Aavas Financiers' loan growth is expected to improve after its technology rollout is complete.

The adoption of new technology platforms in its more than 350 branches and attrition affecting loan sourcing had an impact on loan growth, the brokerage stated in a note.

Jefferies sees the financier's productivity metrics improving as the new loan origination system has reduced the average turn-around time.

The stock closed 5% down at Rs 1,358.8 on Tuesday, compared to a 0.26% decline in the benchmark BSE Sensex.