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PE BIGGIES, KOTAK BANK SOUNDED OUT FOR IIFL WEALTH STAKE SALE
Canadian billionaire Prem Watsa's Fairfax Holdings and General Atlantic (GA) are
looking to sell around 34.6 % stake that they hold together in IIFL Wealth. This
would be second domestic sale of such independent wealth manager in 1 year after
Blackstone acquired 74% in ASK Group for $1 billion, last August.
* Indulal PM
&
* Saikat Das
* ET Bureau
* March 24, 2022, 07:56 IST
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Mumbai: A group of private equity investors including Carlyle Group, Baring
Private Equity Asia and Bain Capital are in early stage talks to buy a
controlling stake in India Infoline's wealth Management business, IIFL Wealth
multiple sources with direct knowledge of the matter told ET.
The buyout funds are competing with global wealth management firms such as
Julius Baer and even banks like Kotak Mahindra, who also have been sounded out,
the people mentioned above added.
Canadian billionaire Prem Watsa's Fairfax Holdings and General Atlantic (GA) are
looking to sell around 34.6 % stake that they hold together in IIFL Wealth.
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This would be second domestic sale of such independent wealth manager in 1 year
after Blackstone acquired 74% in ASK Group for $1 billion, last August.
As on Tuesday's market capitalisation, 34.6% of IIFL Wealth is valued at
₹4,892.1 cr. The transaction may also result in a mandatory open offer to public
investors to acquire an additional 26% stake.
One of the sources mentioned above also said, the two investors may sell their
stakes to more than one investor.
JP Morgan is understood to be running a formal process to find a buyer, sources
said.
When contacted, Carlyle, Baring, GA and Bain declined to comment.
General Atlantic had acquired a 21.6% stake in IIFL Wealth in October 2015 for
₹1,122 crore. Led by India-born Prem Watsa, Fairfax first invested in IIFL in
2011 when it acquired a 9% stake through Hamblin Watsa Investment Counsel Fund.
The fund currently has around 13.6% in IIFL Wealth.
Founded in 2008, IIFL Wealth offers solutions for high and ultra-high net worth
individuals, family offices and institutional clients, according to its website.
The Mumbai-based firm has more than $44 billion in assets under management.
Headquartered in Mumbai, IIFL Wealth & Asset Management has more than 850
employees and a presence in 4 major global financial hubs and 23 locations in
India.
IIFL Wealth reported revenues of ₹1,053 cr in FY21, compared to ₹850 cr posted
during the same period a year ago. Profit after tax was at ₹369 cr as against
₹206 cr, in FY20.
"The franchisee built over the years has helped ensure low client attrition
(among Indian wealth managers)," ICRA said in a note on Jan 22. "the company is
expected to maintain its strong position in wealth management. The company's
profitability also remains strong. With the significant increase of 37% in the
AUM, the revenues were higher in H1 FY2022 at ₹666 crore (up 37% YoY) while the
cost-to-income ratio declined to 49.1% (54.3% in H1 FY2021)," Icra said.
IIFL had acquired Chennai-based wealth management company, Wealth Advisors India
for ₹253.6 crore in cash in 2018. Further, the company purchased the wealth
business of L&T Finance for ₹230 crore in 2020.
Wealth Management industry is suddenly become acquisition target with Blackstone
buying out ASK Investment Advisors in February in a $1.2 bln deal.
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NBFC
* 3 hrs ago
MICROFINANCE DISBURSEMENTS DROP 11.8% IN Q3 ON OMICRON HIT
* 8 hrs ago
FUTURE'S OFFSHORE BONDHOLDERS GET RECOVERY ASSURANCE
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POLICYBAZAAR CEO
Sarbvir Singh, chief executive officer of PolicyBazaar, in this week's
FinTech Diary, said that it is impossible for companies to build a profitable
business by acquiring customers through Google and Facebook or digital
marketing, and it "can only be a topping on top of your main business," he
said. Singh reasoned that his company's model is able to manage its customer
acquisition cost is because 80% of their transaction cost happens through
people who come directly to the website to buy the product. This, Singh said,
is because the company put out many advertisements on television done over
the last 10-12 years. In FY21, the annual number of visits on PolicyBazaar
website was 126.5 million, Singh said, adding that the company's health and
motor insurance products are helping it build a large renewal book. PB
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MICROFINANCE DISBURSEMENTS DROP 11.8% IN Q3 ON OMICRON HIT
Lenders are hopeful that the recent extension of the Emergency Credit Line
Guarantee Scheme for another year will provide the necessary fillip to the
microfinance sector in the coming months, according to a report by CRIF
MicroLend.
* ETBFSI
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*
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Microfinance sector loan book grew 6 per cent quarter on quarter (QoQ) in
October-December period against 2.1 per cent QoQ growth in the previous quarter.
However, the surge in COVID-19 cases in India associated with the Omicron
variant, impacted micro-lending in Q3 FY22, marked by a decline in
disbursements, according to a report by CRIF MicroLend.
About 11.8% QoQ decline in disbursements (value) in Q3 FY22 was recorded while
there was a 21% QoQ decline in the count of loans disbursed in Q3 FY22.
Lenders are hopeful that the recent extension of the Emergency Credit Line
Guarantee Scheme for another year will provide the necessary fillip to the
microfinance sector in the coming months, it said.
Banks continue to dominate the market with a portfolio share of 37.9 per cent,
NBFC MFIs 33.4 per cent and SFBs 17.2 per cent, as of December 2021.
ALSO READ : The new Shylock: How lending apps are driving borrowers to the brink
Portfolio at risk (PAR) 30+ days past due (DPD) improved from 10.4% as of
September 2021 to 9.2 per cent as of December 2021, PAR 90+ DPD deteriorated
from 3.3 per cent to 3.7 per cent for the same period
The top 10 states by gross loan portfolio (GLP) contribute to 83% of national
GLP, Tamil Nadu recording the highest QoQ growth of 13.5% as of December 2021.
There were Rs 5,760 crore originations (by value) and 147.1 lakh originations
(by volume) in Q3 FY22
Quarterly growth of 4 per cent in average balance per account and 5.2 per cent
in average balance per unique customer as of December 21.
New to Credit (NTC) inquiries from August 2021 to December 2021 were in the
range of 19 per cent-24 per cent, while NTC inquiries on January 22 were at 19
per cent.
Portfolio outstanding
Portfolio outstanding of the microfinance sector stood at Rs 263.90 crore as of
Dec’21 with 5.9 per cent QoQ and 10.4 per cent YoY growth as of December 2021
About 4.3 per cent of borrowers have exposure to 4 or more lenders, the highest
in Tamil Nadu and least in West Bengal.
PAR 30+ DPD was higher for ticket sizes <=Rs 15,000 and Rs 1 lakh-plus compared
to September 2021, PAR 90+ DPD higher for ticket sizes <=Rs 25,000 and Rs
75,000-plus compared to September 2021.
PAR 30+ DPD reduced for all lender types compared to September 2021, PAR 90+ DPD
reduced for all lender types compared to September 2021, except banks.
The average ticket size of loans was Rs 39,100 in Q3 FY22, with QoQ growth of
11.7 per cent and YoY growth of 22 per cent.
The volume of inquiries witnessed a decline in November 2021, but recovered to
higher than Q2 FY22 by December 2021.
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omicron
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FUTURE'S OFFSHORE BONDHOLDERS GET RECOVERY ASSURANCE
Senior secured bondholders are placed up in the hierarchy for recovery of dues
if a company undergoes insolvency proceedings since the bonds are backed by
collateral. Most Indian lenders are also secured creditors.
* Sangita Mehta
&
* Maulik Vyas
* ET Bureau
Click Here to Read This Story
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Future Retail's offshore bondholders received a formal communication on Tuesday
evening that a Reliance Industries-linked entity will fully absorb $500 million
of senior secured bonds, implying a full recovery for them even as domestic
lenders, fearing a haircut, have appointed Saraf & Partners as their legal
advisor to counsel them on how to maximise their recovery, said two people aware
of the development.
Senior secured bondholders are placed up in the hierarchy for recovery of dues
if a company undergoes insolvency proceedings since the bonds are backed by
collateral. Most Indian lenders are also secured creditors.
The communication sent by Future Retail Ltd stated that if the scheme-the
proposed takeover of the company by a RIL-backed entity-is approved by the
National Company Law Tribunal under Indian law, the dollar-denominated notes
will be transferred to Reliance Retail and Fashion Lifestyle Ltd from the
effective date of the scheme.
Lenders' Meeting Next Week
In January 2020, the company had raised 5.6% secured $500 million bonds maturing
in 2025.
The bonds traded at 55/57 cents to a dollar and were raised by Future Retail to
repay the Rs 4,000 crore debt of Future Enterprises. The bondholders have lien
over furniture and fixtures and office equipment of the stores operated by
Future Retail.
"A meeting among lenders is scheduled next week to decide on the legal course
and approaching Debt Recovery Tribunal (DRT) is one of the options, although
approaching DRT is only aimed at protecting our rights as lenders and to prevent
further alienation of assets," said a lender.
Future Retail did not respond to ET's request to comment. Saraf and Partner
declined to comment.
A series of developments-including delay in implementing the scheme due to the
legal battle between Future Retail and Amazon, a move by Reliance Group last
month to take control of over 900 stores previously run by Future group, and Rs
3,495 crore default as per the terms of one-time restructuring in Januar-has
prompted lenders to seek legal counsel, the lender said.
Domestic lenders apprehend that only about 60% of the outstanding dues will be
absorbed by RIL. The remaining 40% would be in the books of Future Enterprises,
the company that will be run by Future Retail's promoter Kishore Biyani after
the proposed slump sale of assets to Reliance Industries linked entities.
As per the proposed deal, 19 Future Retail group companies operating in retail,
wholesale, logistics and warehousing sectors will be merged with Future
Enterprises. Subsequently, the assets of FEL will be sold to Reliance-linked
companies.
Lenders fear that Future Enterprises will become a shell company after the slump
sale of the asset to Reliance. Disagreeing with this the Future Retail sources
say that FEL will generate cash flow since as per the scheme RIL will be
investing about Rs 1,200 crore in FEL and source fashion goods and merchandise
from FEL.
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FUTURE RETAIL SAYS WILL ACT TO REVERSE STORE TAKEOVERS BY RELIANCE
FUTURE GROUP FIRMS TO CONVENE SHAREHOLDER, CREDITORS MEETING IN APRIL
FUTURE GROUP SHARES UNDER PRESSURE; FUTURE RETAIL TANKS 7.88 PC
WILL LIST AS EARLY AS POSSIBLE: SC ON AMAZON'S PLEA TO PRESERVE FUTURE RETAIL
LTD'S ASSETS, RESUME ARBITRATION
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RELIGARE FINVEST TO DEFAULT ON SUBORDINATED DEBT
Religare Enterprises has said that its subsidiary Religare Finvest will not be
able to service dues on subordinated debt falling due on March 28 as lenders
have not granted approval.
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Mumbai: Religare Enterprises has said that its subsidiary Religare Finvest will
not be able to service dues on subordinated debt falling due on March 28 as
lenders have not granted approval.
REL has informed the stock exchanges that RFL had raised Rs 10 crore in March
2013 through issue of bonds maturing on March 28, 2023. The interest on these
bonds are due on March 28 every year.
The company said that lenders have appointed agencies for specialised monitoring
who have to clear all payments made by RFL. These agencies have not granted
approval for the payment.
In February this year, RFL had filed a petition against an RBI order that loan
restructuring of RFL cannot be implemented with RFL as promoter since RFL has
been declared as a fraud exposure by lenders. The court had stayed the order
until March 28.
Earlier the debt resolution plan submitted by RFL with TCG as an investor was
not acceded to by RBI in March 2020. Thereafter the company had submitted a
revised draft resolution plan with REL continuing as promoter/shareholder of
RFL.
REL has said in its filing that RFL was placed under a corrective action plan by
the RBI in 2018 due to issues emanating from siphoning and misappropriation of
funds by erstwhile promoters of the company and their associates. “Consequently
the company is facing severe asset liability mismatches,” the company said.
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WE HAVE TOO FEW BANKS, NEED MORE ACCESS TO COMMON MAN: SANJIV BAJAJ
In an interaction with MC Govardhana Rangan and Bodhisatva Ganguli, the younger
Bajaj shares his views on subjects as diverse as 'speaking truth to power' to
the creation of a business that has grown in lockstep with rising disposable
incomes.
* MC Govardhana Rangan
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* Bodhisatva Ganguli
* ET Bureau
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As chairman and managing director of Bajaj Finserv, Sanjiv Bajaj runs a
financial empire that’s a whole lot bigger than what many banks and state-owned
insurers have. His late father Rahul Bajal was a towering, vocal and visible
figure, but Sanjiv is also not shy about articulating his views.
The family businesses, which began with making scooters on the outskirts of
Mumbai, have transitioned from the days of the licence raj.
In an interaction with MC Govardhana Rangan and Bodhisatva Ganguli, the younger
Bajaj shares his views on subjects as diverse as ‘speaking truth to power’ to
the creation of a business that has grown in lockstep with rising disposable
incomes, helping put millions of Indians brought up in a chronic shortage
economy on to the consumption ladder. Edited excerpts:
The value of the Bajaj family’s financial services business is now many times
that of the automobile business. What was in your mind when the business was
split? Did you anticipate this growth?
The demerger happened in 2007-08. But in 2004-05 when India was growing really
fast, the opportunity for financial services also looked very good. External
advisors and institutional investors started telling us that our financial
services businesses like insurance, Bajaj Finance, were all a mish-mash. These
companies were all going to grow but it was very difficult for them to value
these businesses individually. They only wanted to be in auto or in financial
services. My father used to say that it was important but not urgent. In the
next couple of years, we worked on a demerger plan. I presented in early 2007
about the potential for financial services. Since India was doing so well,
financial services would grow faster than the economy. It was also an
opportunity to do something entrepreneurial. Rajiv was firmly in the saddle at
Bajaj Auto. That was his passion. I wanted to do something in financial
services. My father told me that success and failure in this will be mine and he
was very happy I took that decision.
Is a bank licence something you want to have or are you happy with the way
things are going now?
We are very happy with the way things are because the changes happening in the
digital world are decentralising financial services. This used to be a very
monolithic structure, a bank where people used to keep their money safely or use
it for loans or credit cards or to transfer money to someone. The digital world
is disaggregating. You no longer need a loan or a payment network from your
bank. You have so many others. A bank-like structure where you pay a small
amount of money for a large number of services is no longer relevant. Second, it
is important to see what kind of digital currency the Reserve Bank of India
(RBI) comes out with because the whole reason banks existed close to people was
that people had a place to keep their money safe and take it out when needed.
But with digital money you do not need to go to the branch. In the current
structure whether the bank will be the right model 10 to 15 years down the line
is the question in our mind. If we take a bank licence, we cannot un-bank if we
do not want to remain a bank a few years down the line. But there are some
significant strengths of a bank like a higher level of security in the mind of
the customer.
An RBI committee had recommended that industrial houses be granted banking
licences but it did not go through. The RBI also wants big NBFCs to be regulated
like banks. How do you reconcile the conflicts?
There is a higher level of oversight and control and support from the central
bank. We require a cross functional committee to get together and plan out what
is the future of banking in India. Non-banking financial companies (NBFCs) were
not supposed to become this big. We were supposed to do a little last mile
lending that banks could not do in one or two products. But that did not stop us
from building high quality institutions. But I also believe that we have too few
banks. We need a lot more access to the common man. We need more innovation.
Today, we are present in 3,000 cities and towns. People ask me about competition
and I say the market is so large that we need 10 more Bajaj Finance-(like
companies). Seventy per cent of the market is still with public sector banks and
every year private sector banks are just chipping away at public sector share,
which has been a very inefficient model for decades. So nobody has tried to
increase penetration. I believe even Sri Lanka has more banks than India. RBI
should give 5 to 7 bank licences a year and not force everyone to copy each
other and be the same kind of bank. We need some amount of experimentation. Look
at the amount of disruption that we are seeing in the digital world. Of course,
there needs to be some controls and security because it is individuals’ money we
are talking about, but we need some innovation as well. I am not sure what the
direction of the regulator is on banking. We will wait and watch. We will keep
evaluating it every two or three years.
What are your views on industrial houses getting bank licences?
For this country to grow, unless good-quality business houses that have the
capital, the plan and the long-term commitment with proper Chinese walls so that
they cannot lend to their own group companies (are in banking), you will not see
the country grow at a fast pace because nobody has the expertise and long-term
focus. The biggest reason for the global financial crisis was that big US banks
did not have long-term owners. The senior management sold a lot of short-term
products including derivatives that brought them a lot of profits and bonuses. I
am very clear that good-quality business groups should be given a licence. One
of the suggestions that I have made is that if someone wants to get into
banking, tell them to start with an NBFC. Let them build it for 10 years under
RBI supervision and if they build a good business and want to convert to a bank,
then let them convert and you will also have a 10-year track record.
Your late father was famous for speaking truth to power on many occasions. But
it is not so common in India. Why are Indian business leaders so reticent in
speaking on public affairs?
Every society has its own style and it is not just in speaking up but also
societal — like a child leaving home at 18 and visiting only once or twice a
year. Their own attitude toward older people is different. The way I see them
talking to their parents sometimes for us seems rude but it’s their style which
we find odd. It is also true that if there are skeletons inside your cupboard or
you have taken undue favours, you cannot afford to criticise the government. The
more open market we are, the more competitive forces determine our business
outcome, the less there are chances that someone with proximity to the
government gets favours out of turn. I must say this government has opened up
and liberalised a lot of these things. Smart leaders in the government want
people to tell them if they disagree with them. We are a free country and must
be able to criticise as much as we want to. Amit Shah (home minister) in your
event said that the fact that my father raised the question in a public audience
meant that people are free to express their views and also that the government
should introspect. It was very proper for him to say that in public. It is our
responsibility as business people to compliment when policies are good and
criticise when they are not with an aim to give solutions.
Your father was more than a businessman. What was his influence on you?
The influence started post college and during my 10 years in Bajaj Auto. Prior
to that, he was travelling a lot, our interactions were limited, and we grew up
under my mother’s supervision. When we started working together, he was always
clear that only the best people would run Bajaj Auto and they need not be from
the family. That also meant that he gave us freedom to decide whatever we wanted
to do in life. All he told us was ‘be the best in what you do,’ which means you
have to work hard and be passionate. So there was no expectation to join the
family business or even be in business.
What has been his influence on you as a business leader?
Our bedroom was opposite our parents’ bedroom when we were young. One night when
Rajiv and I came home at about 11:30 in the night we could hear some noise from
our parents’ room. When we put our ears to the door, we heard him singing.
Turned out that The Cathedral and John Connon School had its 125th anniversary
the next day and he was practising the school anthem because he was the chief
guest the next day. Even something as small as that, he wanted to get it right.
My first meeting with him was only after 8 years in Bajaj Auto because until
then I was considered too junior. Today, a lot of owners take their kids to the
top meetings from day one which is another kind of training but somewhere you
need to find your own feet. He often came home late in the night because he
ensured he completed his work for the day and also as he loved to talk and
something that could be said in 20 minutes took him 40 minutes. He was a
voracious reader and I remember once discussing a new Michael Jackson song with
my siblings and though he had not heard the song, he had read about it. He loved
having a point of view on every topic. He never slept before 2 in the morning.
How was he as a manager?
He was fiercely outspoken, honest with a high level of integrity. Gita Piramal’s
book on him not only captures the journey of Bajaj Auto but also a lot of
interesting things about him even before that. A few weeks before he went to
hospital, doctors were checking on him and he said I am sleeping beautifully.
Because he was so transparent, he did not take the stress to bed. At work,
sometimes it would be exasperating that he argued the opposing point of view
even though he agreed with me. But that was his way to taking all points of view
before making a decision. The best negotiations are a win-win for both sides.
That’s how everyone in the management learnt to have a clear view and be able to
defend it. He was as firm with us as he was with anyone else but was also open
to acknowledge if he felt you were right. Financial services were not his area
of strength. I was fortunate that my uncle Nanu Pamnani agreed to join us and
mentor us. He played the role my father played in Bajaj Auto. Sometimes, even as
a non-finance guy he picked up things that we could not see.
How smooth was the transition of the business from your father to the brothers?
My father always had a strong point of view and it was Rajiv who always came in
the line of fire because he was senior and the one who was taking charge and
passionate about that business. We know enough of the differences and debates
they had on scooters versus motorcycles. It was a challenging period because not
only were there strong views, but they also were between a father and son where
a set of emotions comes in. In those days, I was a junior and only became
relevant when I started running exports in Bajaj Auto in 2004. We had to do a
lot of work and set up small teams in markets around the world. And bike volumes
did not grow as much in the first 18 months I was in charge. In our post-dinner
walks, he told me that since now I am in charge of a function, all credit or
debit will have to be borne by me. I told him that a lot of effort is going on
in restructuring and it will yield fruit. We increased our exports from about
10,000 to 50,000 when I exited.
You were running Bajaj Auto’s international business. When finance became
independent you brought in Mr Pamnani and Rajeev Jain. What were their
respective roles?
In the first few years, it was a lot of hard work. But fortunately, in 2008
after the global financial crisis, a lot of Indian banks were reducing exposure
to consumer financing while we wanted to build it. I remember Rajeev Jain and I
talking that our Rs 500-crore market cap then can become Rs 5,000 crore in five
years and we were at Rs 3,500 crore in one-and-a-half years! Rajeev and I were
the aggressive ones trying to build the business and Nanu (Pamnani), who had
seen it all, knew that he had to pull us back sometimes. So we knew that he was
always there. Rajeev has tremendous intellect, integrity, hard work and the
ability to see the big picture with the small details. I was like the conductor
of the orchestra while Rajeev was the lead player; Nanu was the conductor who
had just retired.
In the book, Rahul Bajaj comes across as a person reluctant to change - like on
the subject of the transition from scooters to motorcycles. How did you convince
him to change?
Rajiv was very clear about the future and our R&D capabilities. He realised that
the scooter, because of its form, fuel efficiency and because rural India was
growing and wanted to upgrade, was outliving its avatar and existence. It was a
combination of his persuasion, the analytics and information he brought to the
discussion. The major disagreement was over whether scooters should be stopped.
And Rajiv was very clear that we do not have the R&D bandwidth to do multiple
products; so I will focus all my energy and people on the motorcycle. The second
thing was about the Chakan plant. My father said that we already had the
Aurangabad plant but Rajiv was clear that we will need a plant where we would
want senior people to go every day, and family people would not be able to go to
Aurangabad that often.
Where do you stand on cryptocurrency?
I am not an expert and I think that cryptos have been used on the dark web and
to do all kinds of illegal things, which is a risk. When you talk about crypto
it is either a sovereign currency or an independent currency. RBI is looking at
a sovereign currency but details are still not available. If it is the exact
digital version of the rupee then anyway we are already using it. If the RBI
transitions to a digital rupee, would it open a digital customer savings
account? And what will it mean for banking? If you can keep your money with the
RBI, why would you keep it with any bank? Then the bank will have to pay you
more money to keep your savings with them, which will impact their
competitiveness. But it is important for us as a country to monitor what is
happening in these crypto currencies and blockchain based technology. It is a
very powerful tool. For example, in the current Ukraine crisis, the middle class
savings in those currencies are stuck. But if I had an independent currency I
could use it to lead my life normally. But it is an evolving space which we
should monitor and neither shut it out, nor completely accept for now.
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SREI NBFC DUO GETS 14 ELIGIBLE EOIS
Around 14 eligible prospective resolution applicants, including Vedanta, Jindal
Power, Asset Reconstruction Company (India) (ARCIL), JM Financial Asset
Reconstruction Co and Edelweiss Alternative Asset Advisors, have submitted their
bids for debt-laden Srei Infrastructure Finance (SIFL) and
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Kolkata: Around 14 eligible prospective resolution applicants, including
Vedanta, Jindal Power, Asset Reconstruction Company (India) (ARCIL), JM
Financial Asset Reconstruction Co and Edelweiss Alternative Asset Advisors, have
submitted their bids for debt-laden Srei Infrastructure Finance (SIFL) and its
wholly-owned subsidiary Srei Equipment Finance (SEFL) under the consolidated
corporate insolvency resolution process.
Rajneesh Sharma, the administrator of the two NBFCs, got 14 expressions of
interest (EoIs) from interested parties to acquire the companies after he
published an invitation to EoI on February 14.
The last date of submitting of EoIs was March 12, while March 22 was date of
issue of provisional list of prospective resolution applicants. April 6 is the
date of issue of final list of prospective resolution applicants. tnn
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HDFC LTD APPROVES HIGHEST EVER RS 2 LAKH CRORE HOME LOANS IN FY22
Last year the lender had processed home loans worth Rs 1.55 lakh crore,
registering a year-on-year growth of 30% as demand for homes surged. Low
interest rates, stable property prices and state wise stamp duty sops have all
aided growth in the housing finance segment.
* Saloni Shukla
* ET Bureau
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Mortgage lender HDFC Ltd., is said to have approved retail home loans totalling
more than Rs 2 lakh crore in the current fiscal year, its highest ever in a
financial year. Last year the lender had processed home loans worth Rs 1.55 lakh
crore, registering a year-on-year growth of 30% as demand for homes surged. Low
interest rates, stable property prices and state wise stamp duty sops have all
aided growth in the housing finance segment.
“In over four and half decades, I have not seen a better time for the housing
sector than now due to lower interest rates, stable property prices,
government’s thrust on affordable housing, improved affordability, favorable
demographics, increasing urbanisation and rising aspirations,” said Renu Sud
Karnad, Managing Director – HDFC Ltd. “The residential real estate segment will
continue to see strong traction going forward as the demand for housing is not
just pent up demand but it is a structural one.”
In a statement HDFC corporation said that it’s thrust on digital initiatives and
inherent demand for housing helped achieve the Rs 2 lakh crore target. The
mortgage lender set up a digital platform for loans and retail deposits, and
initiated ‘HDFC Customer Connect’ for all customer requests and launched virtual
offices for customer services.
Over 89% of its retail loans are sourced online up from less than 20% before
Covid-19 pandemic.
“In the past one year we have seen strong pipeline of new launches surpassing
pre-pandemic levels,” Karnad said. “We are seeing healthy demand across metros
and non-metros and demand is prevalent in affordable as well as high-end
markets. The sweet spot for housing is still in the price range of Rs 50 lakh to
Rs 1 crore.”
The government’s thrust on housing is enabling more households to become
homeowners. The credit linked subsidy scheme under the PMAY yojna has also aided
more homes in urban and rural areas.
HDFC continues to have the largest number of home loan customers of over 2.7
lakhs who have availed benefits under the Credit Linked Subsidy Scheme (CLSS).
As at December 31, 2021, cumulative loans disbursed by the Corporation under
CLSS stood at ₹ 45,914 crore and the cumulative subsidy amount stood at ₹ 6,264
crore.
For the nine months ended December 31, 2021, 30% of home loans approved in
volume terms and 13% in value terms have been to customers from the Economically
Weaker Section (EWS) and Low Income Groups (LIG).
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HOUSING LOAN DISBURSALS UP BY 65% IN GUJARAT IN A YEAR: SLBC
An increase in demand for new homes has pushed up disbursals of housing finance
among banks across Gujarat. According to the latest report of the State Level
Bankers’ Committee (SLBC), the disbursals of fresh loans stood at Rs 11,378
crore in the quarter that ended on December 31, 2021, as compared to Rs 6,907
crore in the corresponding quarter of 2020. The 172nd SLBC meeting was held in
Gandhinagar on Tuesday.
* Niyati Parikh
* TNN
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AHMEDABAD: An increase in demand for new homes has pushed up disbursals of
housing finance among banks across Gujarat. According to the latest report of
the State Level Bankers’ Committee (SLBC), the disbursals of fresh loans stood
at Rs 11,378 crore in the quarter that ended on December 31, 2021, as compared
to Rs 6,907 crore in the corresponding quarter of 2020. The 172nd SLBC meeting
was held in Gandhinagar on Tuesday.
According to bankers and developers, the demand for new homes has drastically
increased over the past year and as a result, disbursals of housing finance
loans have increased.
“Rates of interest offered by banks on home loans are at their lowest
currently,” said a top source in SLBC-Gujarat. “This coupled with the need for
new homes has propelled demand in a big way because of which housing finance
disbursals have grown.” The source added: “The disbursals also increased due to
a progress in construction activity. Loans are disbursed as construction
progresses.” The source went on to say: “Last year, a lot of sites were shut
during the lockdown and therefore, loans were not disbursed. This year, not only
did construction activity pick up pace but fresh demand also opened.”
Even developers suggested that demand has gone up significantly. According to
the data of Gujarat Real Estate Regulatory Authority (GujRERA), about 17,444 new
properties were registered in Gujarat in 2021-22 till date as against 18,949
properties last year.
Estimates by developers indicate there is at least a 15% surge in new home sales
across affordable, premium and luxury residential schemes.
“The demand for residential real estate has remained phenomenally good,” said
Ajay Patel, chairman, Gihed. “After the pandemic, people are looking to upgrade
their homes and as a consequence, the overall demand is bullish.” Patel added:
“With a slew of multinational companies investing here, more professionals are
migrating to Gujarat, so new homes will see further demand.”
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NBFCS SEEK EXTENSION OF SUBSIDY UNDER PM HOUSING FOR TWO YEARS
The Cabinet had recently approved the extension of the PMAY-Gramin scheme beyond
March 2021 to March 2024 to achieve the total target of 29.5 million rural
homes. The extension only allows subsidies to the remaining 15.575 million
households within the overall target.
* Saloni Shukla
* ET Bureau
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Mumbai: Non-bank financing companies have approached the central housing
ministry seeking clarity on its stance on continuing fresh disbursals under the
PMAY Credit Linked Subsidy Scheme (CLSS) for the poor and the underprivileged.
NBFCs are seeking an extension of the plan, due to end this month, for another
two years.
"We have sought a meeting with the housing ministry and its top officials to
seek clarification on the extension of the CLSS scheme for the economically
weaker section and low-income group," said the CEO of a housing finance company,
on the condition of anonymity. "We are also requesting extension of the scheme
by another two years as it not only aids housing to the poor but also leads to a
significant amount of employment generation in rural India."
The Cabinet had recently approved the extension of the PMAY-Gramin scheme beyond
March 2021 to March 2024 to achieve the total target of 29.5 million rural
homes. The extension only allows subsidies to the remaining 15.575 million
households within the overall target.
"After this budget, while there is a ₹55,000-crore allocation, clarity is still
awaited from HUPA & NHB. Almost 40% of our home loan customers were eligible for
PMAY benefits thus far. Since the decision in this matter is still in limbo, we
have stopped sourcing PMAY kind of inclusive LIG category customers," said a
senior official from a home financier.
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INDIABULLS HOUSING FINANCE GETS COMMITTEE NOD TO RAISE UP TO RS 50,000 CR VIA
BONDS
New Delhi, Mar 22 (PTI) Indiabulls Housing Finance on Tuesday said a
board-appointed committee has approved a proposal to raise capital up to Rs
50,000 crore through bonds.
* PTI
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New Delhi, Mar 22 (PTI) Indiabulls Housing Finance on Tuesday said a
board-appointed committee has approved a proposal to raise capital up to Rs
50,000 crore through bonds. As per the existing shareholders' enabling
authorisation, valid up to July 28, 2022, the company can raise funds up to Rs
50,000 crore through issuance of secured or unsecured non-convertible debentures
(NCDs or bonds) in one or more tranches on a private placement basis.
"To enable the company to raise funds through issue of NCDs on or after July 28,
2022, the board constituted a committee at its meeting held on March 22, 2022,
has authorised the company to raise funds through issue of NCD and/or bonds, in
one or more tranches, on private placement basis up to the shareholders existing
authorisation of Rs 50,000 crore," Indiabulls Housing Finance said in a
regulatory filing.
The company said it will seek shareholders' approval for the fundraise plan in
its ensuing Extraordinary General Meeting (EGM) scheduled to be held on April
18, 2022.
Stock of the company closed at Rs 154.45 apiece on BSE, down by 1.72 per cent
over previous close. PTI KPM RUJ MR RUJ
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