Home First Finance sees steepest fall in over 15 months after block deal, Bessemer Capital likely seller

Since its listing in February 2021, the stock has appreciated 25 percent. It is down 31 percent from its all-time high hit in August 2022

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Home First Finance shares fell 9.1 percent after a block deal of 6.87 million shares or 7.8 percent of equity. The fall is the steepest intraday fall since November 2021.

The buyers and sellers were not known immediately but dealers Moneycontrol spoke to said Bessemer Capital could be the likely seller.

At 11.45 am, the stock was quoting at Rs 687.95, down 6.74 percent from the previous close. Trading volumes of 9.5 million shares were significantly higher than the 20-day average of 65,296.

The stock is the worst performer on the Nifty 500 and S&P BSE 500 indices.

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Bessemer India Capital Holdings held 7.75 percent equity in the company at the end of December 2022. Orange Clove Investments, an affiliate of Warburg Pincus, held 28.6 percent stake. Both companies are classified under public shareholders.

Under promoter shareholding, True North Fund and Aether (Mauritius) Limited held 20.16 percent and 13.37 percent. All these companies have been pre-IPO investors in the home finance company.

In Q3 FY23, its net profit rose 28 percent year-on-year to Rs 58.74 crore, and consolidated income grew 35 percent to Rs 205.54 crore.

The stock is down 31 percent from its record high seen in August 2022, but IPO investors still holding the shares are sitting on a 25 percent appreciation.

As per data compiled by Jefferies, housing loans make for 88 percent of Home First Finance’s portfolio compared to 70 percent of Aavas Financier’s and 59 percent of Aptus Value Housing. The foreign brokerage has a “buy” rating on Home First Finance with a target price of Rs 744.

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