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DHFL sells entire stake in Aadhar Housing Finance to Blackstone

DHFL sells entire stake in Aadhar Housing Finance to Blackstone

DHFL sells entire stake in Aadhar Housing Finance to Blackstone
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By CNBC-TV18 Jun 11, 2019 10:32:05 AM IST (Published)

Dewan Housing Finance Corp Ltd (DHFL) on Tuesday said it sold its entire stake in Aadhar Housing Finance to investment firm Blackstone.

Dewan Housing Finance Corp Ltd (DHFL) on Tuesday said it sold its entire stake in Aadhar Housing Finance to investment firm Blackstone.

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DHFL sold 9.15 percent stake in Aadhar Housing to BCP Topco VII Pte. Ltd, which is controlled by private equity funds managed by Blackstone, the company said in an exchange filing.
CNBCTV18 was the first to report about the deal on June 10.
As part of the deal, the DHFL promoter group will get Rs 800 crore from the stake sale.
"Our primary capital infusion of INR 8,000 million has approximately doubled the company’s Net Worth and reduced its Debt to Equity ratio by roughly half," Amit Dixit, head of India Private Equity and Senior Managing Director at Blackstone, said in a statement.
"We expect the rating agencies and company’s lenders to welcome the ownership transition to a long term, well capitalized and patient investor in Blackstone," he said .
Aadhar is India’s largest independent affordable housing finance company with a network of 316 branches across 19 states.
At 10:25AM, shares in DHFL were down 1.2 percent at Rs 88.50 on the Bombay Stock Exchange.
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