Homegrown private equity firm True North, formerly Indian Value Fund, has entered into a binding agreement to acquire a majority stake in Home First Finance Company (HFFC) for about $100 million (Rs 600 crore), valuing the mortgage firm at $150-175 million, said a person involved in the transaction.
HFFC, promoted by former Mphasis chairman Jaithirth (Jerry) Rao and PS Jayakumar, former Citibank Consumer banking head, is primarily engaged in funding affordable housing. Set up in 2010, the company aims to serve the mortgage needs of low and middle income customers purchasing first homes. The company has disbursed home loans worth more than Rs 1,000 crore to over 10,000 families in 30 cities.
Read more: The Economic Times
