Star Housing Finance Limited Board Declares bonus issue of shares for shareholders

Mumbai (Maharashtra) : Star Housing Finance Limited (Star HFL) (Scrip code: BOM: 539017), a rural focused HFC, has received the members’ consent for a bonus issue at its shareholder’s meeting held on December 6, 2022. The shareholders have also approved the proposal to split the company’s shares. The board of directors of the company has fixed December 16, 2022 as the record date for the purpose of bonus issue and share split.

The members of the company approved a bonus issue in the ratio of 1:1 i.e. One new bonus equity share for every one existing fully paid-up equity share and subdivision of the company’s one equity share of the face value of Rs 10 each into two equity shares of the face value of Rs 5 each.

Speaking on the occasion, Mr. Ashish Jain, MD of Star HFL said, “Star HFL board has declared Dec 16, 2022 as the record date for subdivision and bonus for shareholders. This action is consistent with our philosophy of creating sustainable & long-term value for our stakeholders. We thank our shareholders who have reposed trust in the company and the management team. Star HFL team looks forward to continue its growth journey to become a Systemically Important HFC as the first milestone.”

Mr. Kalpesh Dave, Head Corporate Strategy added, “We have created office network covering 40 districts in 5 operational geographies that are leading the AUM build-up. Our growth is backed by quality and risk framework akin to our target segment of EWS / LIG first time home owners from semi-urban / rural areas. Our net worth has crossed Rs. 100 crs courtesy three successful rounds of capital raise over the last 12 months.  Liability franchise is growing hand-in-hand to complement the growth. The company looks to create sustainable ROTA for its shareholders through balance sheet growth. The corporate action of split and bonus is amongst the series of initiatives towards value creation for our shareholders.”

Star Housing Finance Limited (Star HFL), formerly known as Akme Star Housing Finance Company, is a BSE listed (Scrip code: BOM: 539017) rural focused housing finance company. The Company operates in rural / semi-urban geographies to provide housing finance assistance to first time EWS/LIG home buyers for purchase/construction of low-cost housing units. The Company is a professionally managed by a team of experienced housing finance experts across locations and business functions. Star HFL is registered as a Primary Lending Institution (PLI) under the Pradhan Mantri Awas Yojana (PMAY) and is headquartered in Mumbai