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Earlier this month, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totaling Rs 753 crore. The transactions involved True North Fund V LLP disposing of 34,60,699 shares, representing a 3.9 percent stake, and Aether Mauritius selling 23,07,229 shares, equivalent to a 2.6 percent stake in the Mumbai-based company. Simultaneously, Orange Clove Investments BV offloaded 28,83,819 shares, constituting a 3.27 percent stake. The shares were traded within the range of Rs 870–871.13 each, culminating in a combined deal size of Rs 753.12 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Concomitantly, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares, settling at Rs 877.65 on the BSE on Thursday. It's worth noting that in May, True North Fund V LLP, Aether Mauritius, and Orange Clove Investments BV had previously divested shares worth Rs 330 crore through open market transactions. Home First Finance has emerged as a standout performer in the non-banking financial company (NBFC) sector, delivering returns of nearly 20 percent in 2023 thus far. Established in 2010 and headquartered in Mumbai, Home First Finance Company operates in the affordable housing segment, specializing in providing home loans to individuals with low to middle-income levels. As of March 2023, 88 percent of its gross loan assets are attributed to home loans, with an additional 11 percent originating from the loan against property. The company maintains a presence through 111 branches across 13 states and 1 union territory. March 2023 data reveals that 60.7 percent of its loan assets are concentrated in Gujarat, Maharashtra, and Tamil Nadu.
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