Aptus Value Housing Finance India Limited has received a significant request from one of its major shareholders, Westbridge Crossover Fund, LLC, seeking reclassification from the 'Promoter/Promoter Group' category to the 'Public' category. This move comes following a substantial divestment of shares by Westbridge and its associated entities.

Divestment Details

Westbridge Crossover Fund and its associated entities executed the following transactions:

This divestment resulted in Westbridge and its associated entities completely exiting their shareholding in Aptus Value Housing Finance.

Reclassification Request

Following the complete divestment, Westbridge Crossover Fund has formally requested Aptus Value Housing Finance to initiate the process for reclassification. The fund has confirmed that it meets all the conditions prescribed under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for such reclassification, including:

• Holding less than 10% of the total voting rights
• No direct or indirect control over company affairs
• No special rights through formal or informal arrangements
• No board representation
• Not acting as key managerial personnel

Next Steps

Aptus Value Housing Finance will now undertake the necessary steps to process this reclassification request, which includes:

1. Obtaining approval from the Board of Directors
2. Seeking approval from stock exchanges (BSE Limited and National Stock Exchange of India Limited)
3. Securing shareholder approval

This move by Westbridge Crossover Fund marks a significant change in the shareholding structure of Aptus Value Housing Finance. The reclassification, if approved, could potentially impact the company's promoter holding and public float.

Investors and market participants will be keenly watching the developments as the reclassification process unfolds, given its potential implications on the company's ownership structure and market perception.

In a significant market move, WestBridge Crossover Fund, LLC (WBCF) has completely divested its stake in Aptus Value Housing Finance India Limited , a prominent player in the Indian housing finance sector. The transaction, which took place on September 4, saw WBCF selling its entire holding of 8,09,11,314 equity shares, representing 16.19% of the company's total equity capital.

Details of the Transaction

The sale was executed through on-market transactions, reducing WBCF's shareholding from 16.19% to zero. This move marks a complete exit for WBCF from Aptus Value Housing Finance, triggering regulatory disclosure requirements under the Securities and Exchange Board of India's (SEBI) takeover regulations.

Impact on Shareholding Structure

Prior to the sale, WBCF was part of the promoter group along with other persons acting in concert, including Konark Trust and MMPL Trust. The transaction involved shares from the total equity capital of 49,99,08,262 shares of INR 2 each. Following the sale, the shareholding structure has changed as follows:

Regulatory Compliance

In compliance with SEBI regulations, WBCF filed the necessary disclosures under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure was made to both the BSE Limited and the National Stock Exchange of India Limited, as well as to the Board of Directors of Aptus Value Housing Finance India Limited.

Company's Recent Activities

While this significant change in shareholding unfolds, Aptus Value Housing Finance India Limited continues its regular business activities. The company recently announced a schedule of investor and analyst meetings, indicating its ongoing engagement with the financial community. These meetings, scheduled from September 8 to 11, include both virtual and physical one-on-one sessions with entities such as Phillip Capital, Pari Washington, JM Financial, and Eternity Capital.

The exit of a major shareholder like WestBridge Crossover Fund could potentially impact the company's stock performance and investor perception. Market participants will likely be watching closely to see how this change in ownership structure affects Aptus Value Housing Finance's future strategies and performance in the competitive Indian housing finance market.