Blackstone acquires Aadhar Housing Finance
Global investment firm Blackstone has bought a majority stake in Aadhar Housing that caters to the housing financing needs of low-income households.
Blackstone has bought 97.7 per cent stake in Aadhar for about $314 million (Rs 2,200 crore).
Blackstone announced that private equity funds managed by Blackstone have acquired a 97.7 per cent stake in Aadhar Housing Finance Ltd, including the entire stake held by existing controlling shareholders, Wadhawan Global Capital Limited (WGC) and Dewan Housing Finance Limited, it said in a release.
As part of the transaction, Blackstone has also infused $114 million (Rs 800 crore) primary equity capital into Aadhar to fund the company for future growth.
Deo Shankar Tripathi, MD and CEO at Aadhar, said: “Blackstone’s ownership and the upfront capital infusion have been perceived very positively by all stakeholders of the company.”
The focus will remain to provide home ownership to every Indian, providing them accessible, easy and quick housing finance services, he said.
Blackstone, with its asset management of about $512 billion, has been present in India since 2006 and has committed $10.4 billion investment through private equity, real estate and tactical opportunities.