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American investment manager, Nuveen, has invested $30 million in Aviom India Housing Finance, acquiring a 30% stake in the mortgage lender through a combination of primary and secondary market deals. The primary investment size is $20 million, with the remaining amount being through secondary deals, according to sources familiar with the matter.
Existing investor Gojo & Co and Capital 4 Development Asia Fund Cooperatief UA partly offloaded their holding. Aviom India Housing Finance provides loans ranging from Rs 1 lakh to Rs 5 lakh for house construction, extension, and renovation. The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore. The New-Delhi headquartered company has a network of 120 branches in 12 states.
The equity infusion would propel Aviom to grow six times by 2026, said Aviom's managing director Kajal llmi. Over the next six months, Aviom looks to increase its monthly disbursement to Rs 150 crore and will also add 50 more branches to its existing network. The lender has Rs 1050 crore of assets under management at present and a live customer base of around 50,000. Aviom is also in the process of mobilizing Rs 1200 crore of debt.
According to people in the know, the stake of promoter Kajal llmi comes down to 32% from 39% while Japan's Gojo has its stake reduced to 19% from 39%. C4D's stake is reduced to 9% from 13%, while Sabre Partners AIF Trust's current holding is 3%. The balance is held by other minority shareholders.
The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore. The new equity investment will propel Aviom to grow six times by 2026. Over the next six months, Aviom looks to increase its monthly disbursement to Rs 150 crore and will also add 50 more branches to its existing network.
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