Home First Finance Bulk Deal: HDFC Mutual Fund, Citigroup, Norges Bank Mop Up Rs 1,728-Crore Stake
Orange Clove Investments, an affiliate of global private equity major Warburg Pincus, was among the entities that offloaded stake in Home First Finance.
Promoters True North Fund V LLP. and Aether (Mauritius) Ltd., along with public shareholder Orange Clove Investments B.V., which is an affiliate of global private equity major Warburg Pincus LLC., cumulatively offloaded stake worth Rs 1,728 crore in Home First Finance Co., as per the bulk deal data available on BSE.
Those who mopped up the stake include HDFC Mutual Fund, Norges Bank, and an investment vehicle of Citigroup, among others.
Among the sellers, Orange Clove Investments offloaded 94.42 lakh shares representing a 10.59% stake at Rs 990.05 apiece. The entity held 22.9% stake in Home First Finance as of September 2024, according to the shareholding pattern available with the exchanges.
True North Fund V LLP traded away 48.09 lakh shares, representing a 5.4% stake at Rs 990.05 apiece. As of September-end, it held 14.07% stake in Home First Finance.
Meanwhile, Aether Mauritius sold 32.06 lakh shares representing 3.6% stake at Rs 990.02 apiece. The foreign promoter held 9.31% stake till September-end.
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Stake Buyers
HDFC Mutual Fund mopped up 29.7 lakh shares representing a 3.34% stake at Rs 989.98 apiece.
American Funds Insurance Series Capital Income Builder bought 26.18 lakh shares representing 2.94% stake at Rs 990 apiece.
Norges Bank, the central bank of Norway, purchased 25.35 lakh shares accounting for 2.85% stake at Rs 990 apiece.
Citigroup Global Markets Mauritius Private Ltd. acquired 11.09 lakh shares representing 1.24% stake at Rs 990 apiece.
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio purchased 8.59 lakh shares representing 0.96% stake at Rs 989.98 apiece.
Prudential Hong Kong Ltd. bought 5.68 lakh shares or 0.63% stake at Rs 989.98 apiece.
BOFA Securities Europe SA ODI amassed 5.54 lakh shares representing 0.62% stake at Rs 990 apiece.
Shares of Home First Finance closed 2.15% higher at Rs 1,074.75 apiece on the NSE, compared to a 0.6% increase in the benchmark Nifty 50.
The stock has risen by 15.55% on a year-to-date basis and by 13.62% over the past 12 months.
Out of the 23 analysts tracking the company, 20 have a 'buy' rating on the stock, two suggest a 'hold' and one recommend a 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 17.5%.
