Shares of housing finance company Aavas Financiers Ltd surged up to 4 percent on Tuesday a day after Societe Generale acquired stake in the company.
Among the buyers, Societe Generale acquired nearly 4 lakh shares at an average price of Rs 1,427.2 per share.
Jaipur-based Aavas Financiers is in the business of providing housing loans, primarily, in the un-served and un-reached markets which include the States of Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha, and Karnataka. Currently, it operates in 13 states with a total of 341 branches.
Shares of Aavas Financiers are trading 3.7 percent higher at Rs 1,516.70. The stock is up for the third straight day, during which it has gained over 10 percent. Despite the three-day surge, the stock is down 17 percent on a year-to-date basis.
