Homefirst raises INR 280 Crores from International Finance Corporation

HomeFirst has further diversified its borrowing sources with the latest fund raise from IFC, through the issuance of INR denominated, senior secured, rated, unlisted, redeemable Non-Convertible Debentures with a tenor of up to seven years. The proceeds will be utilized to provide financing for retail buyers of affordable housing and green affordable housing units, encouraging home ownership for low-income segments, and supporting the development of green affordable housing.

Under the arrangement, IFC will also provide non-financial support in terms of knowledge, innovation and capacity building through the advisory engagement and non-commercial risk mitigation through IFC Advisory services. IFC will support HomeFirst in developing its green housing framework, including technical support for green housing evaluation parameters, operationalizing certification process and capacity building on green housing certification, monitoring and reporting. IFC estimates a US$3.1 trillion climate-related investment opportunity for India between 2018 to 2030, with green buildings accounting for a major portion of this opportunity at US $1.4 trillion.

Commenting on the agreement, Mr. Manoj Viswanathan, MD & CEO said "We are pleased to partner with IFC, a reputed multi-lateral agency and a member of the prestigious World Bank Group to further our mission 'to be the fastest provider of home finance for the aspiring middle class, delivered with ease and transparency.' This is a huge vote of confidence for HomeFirst's business model and its strong risk-management process. We believe this partnership has a strong potential to enhance financial inclusion and Green Housing in India."

Shares of Home First Finance Company India Limited was last trading in BSE at Rs. 692.95 as compared to the previous close of Rs. 708.60. The total number of shares traded during the day was 4188 in over 1337 trades.

The stock hit an intraday high of Rs. 717.65 and intraday low of 687.70. The net turnover during the day was Rs. 2936028.00.

Source : Equity Bulls

Keywords

HomeFirstFinanceCompanyIndia INE481N01025 Borrowing IFC FundRaising