Aavas Financiers shares jumped nearly 9 per cent in morning trade on March 10 to hit an intraday high of Rs 1,845 per share. The stock was among the top gainers on the BSE Smallcap index. The gain came on the back of strong buying demand from investors.
At 10.40 am, around 1.78 lakh shares of the company were actively traded. This is 12 times the stock’s 10-day average trading volume.
The Jaipur-based housing finance company has seen a strong surge in its share price in the past few months and is now hovering around its 52-week high of Rs 1,979 per share, reached on June 19 last year.
Earlier in February, domestic brokerage Prabhudas Lilladher had retained its ‘accumulate’ rating on the stock with a target price of Rs 1,900 per share. Notably, this is around 3 per cent higher than the current market price (CMP) of the stock.
Earlier in August 2024, Aquilo House Pte Ltd and CVC Capital Partners had announced an open offer to acquire up to 26 per cent of the expanded voting share capital of Aavas Financiers Ltd at Rs 1,766.69 per fully paid-up equity share.
The open offer was made to acquire over 2 crore equity shares of face value of Rs 10 each aggregating up to Rs 3,664 crore. JM Financial was appointed as the manager of the open offer.
