INSUBCONTINENT EXCLUSIVE:
Aavas was valued at Rs 13,020 crore on Friday with its shares closing at Rs 1,645 a share
(Representational)2 min read Last Updated : Aug 11 2024 | 10:18 AM IST
Private equity firm CVC Capital Partners has made an open offer
for home finance firm, Aavas Financiers to acquire an additional 26 per cent stake in the company at Rs 1,767 a share, as per a statement to
after CVC Capital acquired 26.47 per cent stake in the company from existing shareholders, Kedaara Capital, and Partners Group
The open offer will cost the company Rs 3,664 crore if all shareholders accept the offer
There were other private equity firms, including EQT, who were in the race to buy Aavas' stake, according to media reports
If the offer is accepted by public shareholders, then CVC Capital's stake will rise to 52.4 per cent in the home loan company.
The
statement said the transaction was triggered after a share sale agreement dated August 10, 2024, with Lake District Holdings Limited,
pursuant to which CVC will buy 12,346,641 equity shares for Rs 1,635 a share
Other share sale agreements dated August 10, 2024, with Partners Group ESCL, one of the promoters was signed and pursuant to which CVC will
the housing finance company for Rs 1,369 crore through open market transactions to a clutch of mutual funds
The shares were disposed of within the price range of Rs 1,370-1,370.20 a share, as per bulk data
HealthCare Global, Sajjan India, and UnitedLex
Going forward, India remains a crucial market as CVC has invested heavily in the CVC Asia business and aims to further expand its footprint
across investment professionals, offices, deployment, fund size, and client base, as per an earlier statement by CVC.First Published: Aug 11
