Aavas Financiers clears issue of non-convertible debentures worth ₹8,500 crore

Aavas Financiers Ltd said on Wednesday its shareholders have approved raising up to ₹8,500 crore ($1.02 billion) through non-convertible debentures (NCDs) on a private placement basis over the next year.At its 15th annual general meeting held on Sept. 16, the housing finance firm also approved the appointment of five non-executive nominee directors — Elcid Vergara, Anant Jain, Nikhil Omprakash Gahrotra, Neha Sureka, and Siddharth Tapaswin Patel — for a five-year term, revised the remuneration of Managing Director & CEO Sachinderpalsingh Jitendrasingh Bhinder, and approved the appointment of Chandrasekaran Associates as secretarial auditors for five consecutive years.

Shareholders further cleared the company’s new ESOP-2025 plan covering up to 23.7 lakh equity shares. All resolutions were passed with the requisite majority.
Aavas Financiers Limited is a Jaipur-based housing finance company, registered with the National Housing Bank (NHB). The company offers home loans, home construction and repair loans, loans against property, and MSME financing, mainly targeting customers in rural and semi-urban India, particularly those who are low- or middle-income and self-employed. Its operations span multiple states, with several hundred branches, and it has been growing its loan book and disbursements steadily.

Aavas shares ended trading at ₹1,649.40 per share on the BSE today. In the last six months, the stock is down about 11.3%.