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Kalpesh Dave, CEO, Star Housing Finance Ltd
Mumbai-based Star Housing Finance Ltd is planning to bolster its capital base with an equity raise of up to ₹50 crore in a bid to grow its assets under management four times to ₹2,000 crore in three years, according to Kalpesh Dave, CEO.
To support the four-times planned growth in AUM, the BSE listed affordable housing finance company will need to grow its branches by at least 2.5 times.
“So, the target is to open 80 – 85 more branches in the coming three years. Apart from Uttar Pradesh, the new geographies where we want to dig more deeper into are Chhattisgarh and Telangana,” Dave said.
Currently, Star HFL has 35 branches spread across six states — Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, NCR and Tamil Nadu.
The company recently announced its decision to initiate the process for listing its equity shares on the National Stock Exchange of India Limited (NSE). The proposed listing is subject to the fulfilment of eligibility criteria and receipt of all necessary regulatory approvals.
Dave observed that Star HFL is envisaging a fund raise of ₹45 crore – 50 crore on NSE and the same would take care of its growth related requirements to scale up AUM to ₹1000-1500 crore over a period of next about two-and-a-half years and ₹2,000 crore in about three years.
The company had a net worth of ₹144 crore and an outstanding borrowing of ₹420 crore plus as at March-end 2025, he added.
“So, this capital that we are planning to raise, is not towards repayment of liabilities or anything for that matter. It is only and only towards growth.”
“So, first, we will finalise the Merchant Banker and based on the deliberations, we will consider the kind of route we can tap – it can be through QIP (qualified institutions placement) or it can be through a rights issue. The mode is open but purely equity is something which we are looking to raise,” Dave said.
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Published on May 18, 2025
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