Aadhar Housing Finance Ltd. has set a price band in the range of Rs 300 to Rs 315 per share for its Rs 3,000-crore initial public offering. The housing finance company's public offer will open for subscription on May 8 and will close on May 10. The IPO is a combination of a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale of Rs 2,000 crore.
Company promoter BCP Topco VII Pte Ltd., an affiliate of Blackstone Group Inc., will offload shares aggregating to up to Rs 2,000 crore. The Blackstone affiliate's average cost of acquisition per share was Rs 80.54 per share, and currently has 98.72% stake in the company.
The company plans to use the proceeds of the issue to meet future capital requirements towards onward lending and a portion will also be used for general corporate purposes.
ICICI Securities, Citigroup Global Markets India Pvt., Nomura Financial Advisory and Securities (India) Pvt. and SBI Capital Markets are the book running lead managers to the issue.
Business
Aadhar Housing Finance offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition.
It has a network of 471 branches, including 91 sales offices, as of Sept. 30. The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms.
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