Aavas Financiers gets board approval to raise Rs 100 crore via bonds

Aavas Financiers on Tuesday said its board has approved plans to raise up to Rs 100 crore by issuing bonds on private placement basis.

The executive committee of the board at their meeting held on October 20, 2020, approved the issuance of rated, secured, redeemable, listed, non-convertible debentures having a face value of Rs 10 lakh, aggregating up to Rs 100 crore, Aavas said in a regulatory filing.

Promoted by Kedaara Capital and Partners Group, Aavas is primarily engaged in the business of providing housing loan to customers belonging to low and middle-income segment in semi-urban and rural areas.

Shares of Aavas Financiers settled at Rs 1,486.85 apiece on BSE, down 0.98 per cent from its previous close.