Aavas Financiers Share price

Brief history of the CompanyThe Company was incorporated as ‘Au Housing Finance Private Limited’ on February 23 2011 as a private limited company under the Companies Act 1956 with a certificate of incorporation granted by the RoC. Pursuant to a special resolution passed by the shareholders on January 10 2013 the Company was converted into a public limited company and the name was changed to ‘AU Housing Finance Limited’. Consequently the RoC certified the change of name upon conversion to a public limited company on January 11 2013. Thereafter pursuant to a special resolution passed by the shareholders on February 23 2017 the name of the Company was changed to‘Aavas Financiers Limited’ and consequently a fresh certificate of incorporation dated March 29 2017 wasissued by the RoC.In terms of a certificate of registration dated August 4 2011 issued by the NHB bearing serial number 08.0095.11 the Company was registered as a ‘housing finance institution without accepting public deposits’. Subsequently the NHB issued a certificate of registration dated February 8 2013 bearing serial number 02.0104.13 consequent to the conversion of the Company into a public limited company. Subsequently upon the change of the name to ‘Aavas Financiers Limited’ the NHB issued a certificate of registration dated April 19 2017 to the Company bearing serial number 04.0151.17.Pursuant to a certificate of registration dated December 8 2017 issued to the Company by the IRDAI we have been authorised to act as a corporate agent (composite) under the Insurance Act and the Corporate Agents Regulation 2015.Major events and milestones:2011- Incorporation of the Company as Au Housing Finance Private Limited- The Company was registered with NHB as a ‘housing finance institution without accepting public deposits’2012- The Company received its first rating “BBB+/Stable” from CRISIL for long term bank facilities of ? 1000 million2013- The Company was converted into a public limited company and the name was changed to AU Housing Finance Limited- Consequent to the conversion of the Company into a public limited company the NHB issued a fresh certificate of registration- The Company received its first refinancing assistance from NHB2014The Company issued its first tranche of non-convertible debentures (“NCDs”)2015- The Company entered into its first pool buyout transaction in housing loan priority sector- Pursuant to a notification dated December 18 2015 issued by the Central Government the Company was identified as a ‘financial institution’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 20022016- Received investment from Lake District Kedaara AIF-1 Master Fund and ESCL (defined hereinafter)- We were assigned “[ICRA] A with a stable outlook’ by ICRA for long term facilities of ? 5000 million- The Company received its first subsidy from NHB under ‘CLSS-PMAY’2017- The name of the Company was changed to Aavas Financiers Limited- We were assigned “Care A+; Stable” from CARE for long term bank facilities of ? 3850 million and for long term subordinated debt of ? 500 million- Consequent to the change in the name of the Company a fresh certificate of registration was issued by the NHB- The Company entered into first ‘pass through certificate’ (“PTC”) transaction with IDBI Trusteeship Services Limited2018- Upgradation of our CARE rating to “Care A+; Positive” for long term facilities of ? 10120 million and for long term subordinated debt of ? 1000 million- Upgradation of our CRISIL rating to “CRISIL A+/ Stable” for long term facilities of ? 5570 million- Assignment of our ICRA rating to “[ICRA]A+/ Positive” for bank limits of ? 12400 million and for NCDs of ? 3500 million; and "[ICRA] A1+” for commercial paper of ? 500 million.Awards and accreditations:2016- Received the ASSOCHAM Excellence Award for being the “Best Housing Finance Company” in the affordable housing segmentCertifications- The management system for customer complaint handling of the Company has been certified to be in compliance with ISO 10002:2014 standard in respect of customer satifisfaction and complaint handling process pursuant to a certificate of registration (CCH 04 00002) dated June 13 2018. The certificate is valid until June 12 2021.- The management system of the Company has been certified to be in compliance with ISO 9001:2015 standard in respect of the provision of lending process; e disbursements and client servicing including redressal mechanism pursuant to a certificate of registration (QM 04 00469) dated June 13 2018. The certificate is valid until June 12 2021.