CVC Capital Partners has become the highest bidder to acquire Aavas Financiers, beating EQT. Current promoters Kedaara Capital and Partners Group plan to exit their 26.47% stake, triggering an open offer for an additional 26%. Aavas, with assets under management of Rs 17,313 crore in FY24, has expanded significantly since its founding. The company’s stock surged 19% in anticipation of its sale. Aavas Financiers focuses on low-and-middle-income self-employed borrowers, which presents certain risks. A formal deal announcement is expected soon.
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