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May, 03 2018

WestBridge-backed Aptus Value Housing To Get more funding from IFC

The investment increase the company’s access of the affordable housing finance segment.

International Finance Corporation plans to invest $15 million (Rs 100 crore) in Chennai-based Aptus Value Housing Finance India Ltd, doubling its exposure to the mortgage lender.

IFC will make the proposed investment through senior secured non-convertible debentures (NCDs) with a tenor of seven years, the World Bank’s private-sector investment arm said in a disclosure.

The investment increases the company’s access to the affordable housing finance segment, IFC said.

The World Bank arm had first invested $15 million via NCDs in Aptus in April 2016. The investment was part of the $38 million that IFC invested in three mortgage lenders.

Aptus has a large branch presence in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka and Pondicherry.

The company was founded by M Anandan, who held a 31.7% stake as of December 17. Its other major shareholders include WestBridge Crossover Fund LLC (41.7%), India Financial Inclusion Fund (10.2%) and GHIOF Mauritius (11.1%), IFC said.

Private equity firm WestBridge Capital had initially put in around Rs 100 crore in Aptus in 2014 while impact investor Caspian’s India Financial Inclusion Fund had put in Rs 30 crore in 2012.

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