Aavas Financiers Limited, one of India's leading affordable housing finance companies, has received an investment of Rs345cr from IFC, a member of the World Bank Group, through the issuance of Non-Convertible Debentures.
Aavas will use the proceeds to grow its affordable housing finance program in the rural and semi-urban areas of Rajasthan, a low-income state, and neighboring areas.
Mr. Sushil Kumar Agarwal, Managing Director & Chief Executive Officer, Aavas Financiers, said: "Amid the ongoing liquidity crisis marring the country's financial sector, it's a great honor that our Company has successfully raised INR 345 crores from IFC through the issuance of NCDs. This fundraising is in line with the Company's objective of strengthening our position in the affordable housing segment with sustainable growth. We would like to especially thank IFC for their trust and belief in the Company's robust business model."
AAVAS Financiers Ltd ended at Rs1,525.75 up by Rs19.35 or 1.28% from its previous closing of Rs1,506.40 on the BSE.
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