Star Housing Finance Limited( Star HFL)( Scrip code BOM 539017), a pastoral-focused HFC, has raised$2.7 mn in capital through preferential allotment and has increased its net worth to further thanRs. 85 crs. This equity infusion is a part of a series of capital rise in the Company, the last being done in FY ’ 22, subscribed by retail investors, primarily professionals from the BFSI space.
This rise has further strengthened the capital acceptability and moderated the Company’s influence situations. It results in farther headroom to increase borrowings and aid in erecting AUM in line with the Company’s growth objects.
Speaking on occasion,Mr. Kalpesh Dave, Head of Corporate Planning and Strategy, said, ” This capital infusion makes Star HFL ready to getre-rated as the deployment shall be for AUM scale up in pastoral topographies. In the interim, with this rise, Star HFL has met the minimal net worth amount and shall await to complete the period & other criteria demanded for listing on the NSE platform, subject to applicable nonsupervisory/ statutory blessings. In line with the business plan, the Company has initiated practicable for the coming capital rise, subject to all warrants, to cross a net worth ofRs. 100 crs in the current fiscal time.
We look forward to participation by like- inclined investors as the Company maps its growth. ”
Star HFL is functional in pastoral/semi-urban topographies through physical/ digital points of presence manned by HFC professionals. The Company has set up applicable structure to give credit backing to first- time pastoral home buyers. Star HFL has a relationship with 11 lenders across public sector Banks, Financial Institutions and the National Housing Bank.
Kalpesh Dave added, “ Star HFL shall grow its retail book in being and new topographies. As a part of our scale- up plan, we’re setting upco-lending, digital lending and pastoral casing loan verticals. We see this infusion strategically to achieve our asset side figure- up.
We look forward to achieving an asset size of further thanRs. 500 crs to come a systemically important home finance company as the first corner. We remain married to furnishing a sustainable return to our stakeholders ”.
Star Housing Finance Limited( Star HFL), formerly Akme Star Housing Finance Company, is a BSE listed( Scrip code BOM 539017) pastoral-focused casing finance company. The Company operates in pastoral/semi-urban topographies to give casing finance backing to first- time EWS/ LIG home buyers for the purchase/ construction of low- cost casing units. The Company is professionally managed by a platoon of educated casing finance experts across locales and business functions. Star HFL is registered as a Primary Lending Institution( PLI) under the Pradhan Mantri Awas Yojana( PMAY) and is headquartered in Mumbai.