WestBridge Capital Trims Stake in Aptus Value Housing by 5%, JIH II Exits Completely

In a significant move within the financial sector, WestBridge Capital, a key promoter of Aptus Value Housing Finance, has pared down its stake by 5 per cent. Concurrently, JIH II LLC, another promoter, has completely exited the company by selling its entire 2 per cent shareholding. These transactions occurred through the open market, culminating in a substantial deal worth Rs 1,028 crore.

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The stake sale was executed on Tuesday, with WestBridge Capital conducting the sale through its affiliate, WestBridge Crossover Fund LLC. This saw the disposal of more than 2.47 crore shares, translating to a 4.96 per cent stake in Aptus Value Housing Finance. On the other side, JIH II LLC parted with over 1.01 crore shares, effectively liquidating its entire 2.03 per cent stake in the company. The shares were sold at a price range of Rs 294.15-294.73 each, bringing the total transaction value to an impressive Rs 1,027.94 crore.

Following this strategic divestment, the shareholding of WestBridge Crossover Fund LLC in Aptus Value Housing Finance has seen a reduction to 29.5 per cent from an earlier holding of 34.46 per cent. This adjustment has also led to a decrease in the combined shareholding of promoters and promoter group in the housing finance firm to 54.1 per cent from 61.09 per cent.

In the wake of these transactions, SBI Mutual Fund and Luxembourg-based Eastbridge Group have emerged as significant buyers. SBI Mutual Fund acquired 1.82 crore shares or a 3.65 per cent stake, while Eastbridge Group purchased over 43 lakh shares of Aptus Value Housing Finance. The acquisition was made at an average price of Rs 294 per share, amounting to a combined deal value of Rs 663 crore.

The market reacted to these developments on Tuesday as shares of Aptus Value Housing Finance India experienced a downturn, plunging by 5.51 per cent to close at Rs 298.60 apiece on the National Stock Exchange (NSE). The details regarding other buyers involved in this transaction remain undisclosed.

This reshuffling of stakes among the promoters and new acquisitions by institutional investors highlight the dynamic nature of shareholding patterns within the Indian financial sector. It also reflects the strategic decisions taken by promoters and investors alike in response to evolving market conditions.