Home First Finance Company India Limited (HFFCIL) has announced a significant change to its board composition, with shareholders overwhelmingly approving the appointment of Mr. Sriram Hariharan as a Non-Executive Independent Director. The decision, made through a postal ballot, marks an important addition to the company's leadership team.

Appointment Details

The special resolution for Mr. Hariharan's appointment received resounding support from shareholders, with 99.89% of votes cast in favor. Out of the total 10.33 crore shares, 8.42 crore shares participated in the voting process, demonstrating strong engagement from the company's investor base.

Mr. Hariharan's term as a Non-Executive Independent Director is set for five years, commencing from June 26, 2025. This appointment is notable as it comes with the provision that he will not be liable to retire by rotation, ensuring continuity in his role over the specified term.

Profile of Sriram Hariharan

Mr. Hariharan brings a wealth of experience and expertise to Home First Finance. His educational background includes:

• A Bachelor of Engineering degree (Mechanical) from the National Institute of Technology
• A Post Graduate Diploma in Finance and Marketing from the Indian Institute of Management, Bangalore
• Certification as a corporate director from the Institute of Corporate Directors in Toronto, Canada

His professional journey is marked by significant achievements, particularly in the banking sector:

• Joined ICICI Bank in India in 1996, holding several key management positions
• Led ICICI Bank's International Banking Group, overseeing all international operations
• Spearheaded the bank's Global Remittances and NRI business
• Served as Board Chair for both ICICI Bank UK PLC and ICICI Bank Canada
• Played a crucial role in establishing ICICI Bank in Canada in 2003
• Served as President and Chief Executive Officer of ICICI Bank Canada from April 2008 to July 2019

Recognition and Community Involvement

Mr. Hariharan's leadership has been widely recognized:

• Named in Canada's Top 40 Under 40™ in 2008
• Awarded the Queen Elizabeth II Diamond Jubilee Medal in 2012
• Named Corporate Executive of the Year by the Indo-Canada Chamber of Commerce

During his tenure in Canada, he actively supported various business and not-for-profit organizations, serving on boards such as Toronto Global and the Conference Board of Canada.

Compliance and Regulatory Aspects

HFFCIL has confirmed that Mr. Hariharan is not debarred from holding the office of Director by any SEBI order or other regulatory authority. Additionally, he meets all qualifications required under the Companies Act, 2013, ensuring full compliance with regulatory standards.

The appointment of Mr. Sriram Hariharan as a Non-Executive Independent Director is expected to bring valuable international banking experience and strategic insight to Home First Finance Company India Limited, potentially contributing to the company's growth and governance in the coming years.

Home First Finance Company , along with their subsidiaries, have significantly increased their stake in Home First Finance Company India Limited, a move that underscores growing investor interest in the Indian financial sector.

Stake Increase Details

The two investment firms, through open market purchases, acquired an additional 2,974,536 shares of Home First Finance, representing 2.17% of the company's total shares. This acquisition has boosted their combined holding from 4,433,770 shares (5.00%) to 7,408,306 shares, now accounting for 7.17% of the company's voting rights.

Timeline and Share Capital Changes

The share accumulation occurred over a period spanning from June 5 to August 11. During this timeframe, Home First Finance's equity share capital experienced a notable increase, rising from 88,618,392 shares to 103,268,597 shares.

Investor Profile and Stock Listing

It's important to note that FMR LLC and FIL Limited are not part of Home First Finance's promoter group. The company maintains its listing on both the National Stock Exchange and the Bombay Stock Exchange, ensuring broad market accessibility for investors.

Breakdown of Holdings

A detailed breakdown of the holdings reveals a diverse portfolio managed by FMR LLC and FIL Limited:

Several other funds under their management hold smaller stakes, collectively contributing to the 7.17% total holding.

Market Implications

This increased investment by prominent global investment firms could be seen as a vote of confidence in Home First Finance's business model and growth prospects. It may also reflect a broader optimism about the Indian financial services sector, particularly in the housing finance segment.

As Home First Finance continues to attract institutional investor interest, market participants will likely keep a close eye on the company's performance and any further changes in its shareholding pattern.