Aavas Financiers get USD 60 million loan from ADB

Aavas Financiers Limited has informed that Asian Development Bank (ADB) signed an agreement to lend around US$ 60 million in Indian rupee to the company for improving access to housing finance for lower-income borrowers especially women, in India.

The loan is said to be disbursed under ADB’s supporting access to housing finance for women in lower-income groups as well as in lagging states project. Accordingly, the company will use the funds for providing housing finance to women in lower-income communities either as primary borrowers or co-borrowers. With the shortage of housing, the current situation will be affecting mostly the lower-income groups as they face various obstacles to obtain mortgages. Subsequently, the company approved the allotment of 4,444 secured, rated, unlisted, redeemable, transferable and interest-bearing, non-convertible debentures (NCDs) having a face value of Rs 10,00,000 each aggregating up to Rs 444 crore to Asian Development Bank.

Reacting to the news, on Monday, the stock of the company closed at Rs 1,090.80, up by 2.55 per cent or Rs 27.10 per share. The 52-week high is Rs 2,078.30 and 52-week low is Rs 845.75 on BSE.