Shares of Aadhar Housing Finance are higher by over 5 percent on July 28 to hit a record high, after a fund restructuring by promoter Blackstone triggered a mandatory open offer for 25.82% shares of the HFC - worth Rs 5,335 crore - at a price of Rs 469.97/share, a company filing showed.
At 11:00am, the shares of Aadhar Housing Finance were higher by around 5 percent at around Rs 521 per share.
The open offer is triggered following a share purchase agreement (SPA) signed on July 25, 2025, where the acquirer agreed to purchase up to 64.14% stake from existing promoter, BCP Topco VII Fund, at up to Rs 425 per share. The open offer reflects an internal transfer between Blackstone-managed funds (from BCP VII/Asia to BCP IX/Asia II), triggering a mandatory offer under Sebi regulations as they are not part of the same promoter group. This open offer will result in a continuation of Blackstone’s investment into a new fund structure, rather than an exit from the company.
"...BCP Topco VII Pte. Ltd. (“Seller”) (the promoter of Aadhar Housing Finance Limited (“Target Company”)) has entered into a share purchase agreement with BCP Asia II Holdco VII Pte. Ltd. (“Acquirer”) today i.e., 25 July 2025 (“SPA”), pursuant to which the Acquirer has agreed to acquire from the Seller up to 28,20,52,121 equity shares of the Target Company representing 64.14% of its Expanded Voting Share Capital (as defined below) at a price not exceeding Rs. 425.00 per equity share," the company filing said.
Why The Open Offer
The acquirer - BCP IX/Asia II Fund - and the seller belong to separate funds, though under the Blackstone umbrella. The Seller is a part of Blackstone Capital Partners VII fund (BCP VII) and Blackstone Capital Partners Asia fund (BCP Asia), while the acquirer is a part of Blackstone Capital Partners IX fund (BCP IX) and Blackstone Capital Partners Asia II fund (BCP Asia II). Each of these funds are managed or advised by separate affiliates of Blackstone Inc, hence the economic ownership of the seller and the acquirer lies with diversified passive partners of the relevant funds. Given the separate entities, the exemption from open offer does not apply and, accordingly, the acquirer is making this open offer.
The open offer price reflects a premium to the Rs 425 per share internal transfer price, and offers liquidity to public holders. The transaction will be considered complete after the approval from RBI, National Housing Bank and CCI.
June Quarter Results
The company reported results over the weekend, posting a NII growth of 21.6 percent on year at Rs 428 crore along with a net profit of Rs 237 crore, which is higher by 18.6% on year. The gross non-performing assets rose marginally to 1.34 percent during June after compared to 1.31 percent of AUM a year ago. The Asset Under Management (AUM) grew by 26 percent to Rs 26,524 crore during Q1FY26. The HFC's disbursements were healthy at Rs 1,979 crore, higher by 32 percent YoY on affordable housing demand, MD and CEO Rishi Anand said.
Brokerage Citi has opened a 90-day positive catalyst watch on Aadhar Housing Finance, adding to the sentiment.
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