Fidelity Funds and Nomura Indian Stock Mother Fund were the major buyers in the major block deal in Home First Finance which saw Bessemer India Capital Holdings sell 68 lakh shares.

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Shares of technology-driven affordable housing finance firm Home First Finance Company India Ltd. fell as much as 9 percent on Thursday after over 73 lakh shares exchanged hands in a large trade.

The number of shares changed hands amount to 8.4 percent of the company's total equity.

While Fidelity and Nomura bought 4.9 lakh and 7 lakh shares respectively at Rs 685 a piece, while Bessemer which held 7.75 percent equity in the company at the end of December 2022, sold 68 lakh shares at Rs 686.

Home First Finance Company India Ltd is a technology-driven affordable housing finance major with pan-India presence. It focuses on providing home loans to first-time home buyers mainly salaried individuals having income of less than Rs 50,000 per month.

Shares of the company are down nearly 27 percent from their 52-week high level hit on August 16, 2022.

The financing company witnessed its highest-ever quarterly disbursement of Rs 780 crore in the December quarter. Its assets under management grew by 35 percent year-on-year to reach Rs 6,751 crore during the quarter.

Brokerage firm Jefferies, in a note last week, stated that affordable housing financiers are expected to witness strong profit growth supported by strong loan growth over the next three years.

Loan growth at affordable housing finance companies should grow at 19-20 percent CAGR over fiscal 2023-26, the brokerage said.

Shares of Home First Finance are trading 7 percent lower at Rs 686.05.

(Edited by : Rukmani Krishna)

First Published:Mar 9, 2023 12:38 PM IST