Aavas Financiers trades 2% higher as Smallcap World Fund buys stake

Foreign portfolio investor Smallcap World Fund Inc bought 4.54 lakh shares or 0.57 percent stake worth Rs 75.11 crore in Aavas via open market transactions.

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Shares of Aavas Financiers were trading 2 percent higher on open on the NSE on September 7, a day after  Smallcap World Fund Inc bought stake in the company. As of 10 am, the stock was trading 3 percent higher than yesterday’s close of  Rs 1,632.

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On September 7, Foreign portfolio investor Smallcap World Fund Inc  bought 4.54 lakh shares or 0.57 percent stake worth Rs 75.11 crore in Aavas via open market transactions, at an average price of Rs 1,654 per share.

Also read: Should investors bet on the Aavas Financiers stock as it aims for high growth?

Jaipur based Aavas Financiers is engaged in providing housing loan to customers from low and middle income segment, “primarily in semi-urban and rural areas who are often excluded from large housing financial companies and banks due to absence of income proof documents like IT return, salary slip, and hence are financially excluded by other large housing finance companies and banks.”

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