26 May 2020 | 1:11 PM

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Affordable housing financier Aavas gets Rs 345 cr funding from IFC
  Aavas Financiers Ltd. | 17 Jan 2020 | 10:51 AM
Published on 09-17-2019
Affordable housing financier Aavas on Monday said it has received a Rs 345 crore investment from World Bank arm IFC.


Aavas will use the proceeds to grow its affordable housing finance programme in rural and semi-urban areas of Rajasthan it said.


Aavas Financiers Limited (Aavas) has received an investment of Rs 345 crore from IFC-- a member of the World Bank Group-- through issuance of non-convertible debentures (NCDs) the company said in a release.


"Amid the ongoing liquidity crisis marring the country`s financial sector...the company has successfully raised Rs 345 crore from IFC through issuance of NCDs. This fund raise is in line with the company`s objective of strengthening our position in affordable housing segment with sustainable growth" Sushil Kumar Agarwal managing director and chief executive officer Aavas Financiers said.


Aavas is a retail-focused affordable housing finance company primarily serving low and middle income self-employed customers.


The company operates in nine states: Rajasthan Maharashtra Madhya Pradesh Gujarat Chhattisgarh Haryana Delhi Uttarakhand and Uttar Pradesh.


It has a long-term credit rating AA- (Stable) by CARE.