True North Raised Its Stakes By Rs. 600 Crore For Being Home First Finance Company

True North Raised Its Stakes By Rs. 600 Crore For Being Home First Finance Company

Finance company

NEW DELHI: Homegrown private equity firm True North, formerly Indi-an Value Fund, has entered into a binding agreement to acquire a majority stake in Home First Finance Company (HFFC) for about $100 million (Rs 600 crore), valuing the mortgage firm at $150-175 million, said a person involved in the transaction.

HFFC, promoted by former Mphasis chairman Jaithirth (Jerry) Rao and PS Jayakumar, former Citibank Consumer banking head, is primarily en-gaged in funding affordable housing. Set up in 2010, the company aims to serve the mortgage needs of low and middle income customers purchasing first homes. The company has disbursed home loans worth more than Rs 1,000 crore to over 10,000 families in 30 cities.

The proposed transaction involves a secondary sale by existing shareholders and fresh issue, said the person cited above. HFFC raised capital from Bessemer Venture Partners and Tata Capital Growth Fund in earlier rounds, giving them a 45-50% holding. Rao and Jayakumar together have about 40% and the rest is with management under the leadership of CEO Manoj Viswanathan.

Source : ET Realty

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